MANILA, Philippines - Credit rating agen-cy PhilRatings has assigned a PRS Aa plus rating to Philippine Savings Bank’s proposed P2-billion unsecured subordinated debt issue.
Philratings said obligations rated PRS Aa are of high quality and subject to very low credit risk. This means that the issuer’s capacity to meet its financial commitment on the obligation is very strong.
In assigning the rating, PhilRatings said it took into consideration the bank’s key strengths which include strong market position supported by a well-defined strategy based on continuous product innovation, promotions and geographic expansion; robust deposit origination ability indicating capability to maintain depositor confidence; and improved capital position.
“These strengths are counterbalanced by expectations of moderate growth in profitability given a still sluggish consumer market,” PhilRatings said in a statement. – Z. dela Peña