Moody’s might lift Rizal

Moody's Investors Service said it placed Rizal Commercial Banking Corp.’s foreign currency deposit and senior unsecured ratings on its euro medium-term note program, as well as its D- standalone bank financial strength rating, which is equivalent to a baseline credit assessment of ba3, under review for upgrade.

The review follows the company's Dec. 17 announcement that it entered into a definitive agreement with Cathay Life Insurance Co., Ltd. (Baa2 positive), whereby Cathay Life will acquire a roughly 20% stake in Rizal.

The acquisition comprises around 124 million newly subscribed shares and about 156 million existing shares from Hexagon Investments BV (unrated), an entity controlled by funds advised by CVC Asia Pacific Ltd. (unrated) and International Finance Corp. (Aaa stable).

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