Fitch affirms Union Bank of Philippines

Fitch Ratings said it affirmed the Union Bank of the Philippines' long-term foreign- and local-currency issuer default ratings at BB, national long-term rating at A+(phl), viability rating at BB- and subordinated notes at A(phl).

The ratings reflect its moderate deposit and loan concentration, as well as high property exposure, balanced by its liquid balance sheet, sound capitalization and reasonable earnings profile, Fitch said.

The outlook is stable, thanks largely to Union Bank's capital and liquidity buffers, despite rising global uncertainties, the agency said.

Reduced property risks, asset-quality improvement and better diversity in earnings and funding could be positive for the ratings, Fitch said.

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