Fitch affirms BPI’s investment grade
MAKATI CITY, PHILIPPINES - Bank of the Philippine Islands recently received affirmation of its investment-grade rating from international ratings agency Fitch Ratings. Fitch affirmed a Long-Term Issuer Default Rating (IDR) of BBB-, a Viability Rating (VR) of bbb-, a Short-Term Foreign-Currency IDR of F3 and outlook as stable.
In its announcement, Fitch states that BPI's "rating are supported by [the bank's] greater appetite for growth, prudent management, solid credit profile, stable funding base, sound capitalization, and steady and high profitability."
Fitch also notes that the stable outlook on BPI reflects Fitch's expectation that the risk profiles will be maintained over the near to medium term amid robust economic growth in the Philippines.
"We take pride in the affirmation of our investment-grade rating. The rating reflects the prudent way by which the bank is managed, and its ability to strike the right balance between stability and growth." Cezar P. Consing, BPI President and CEO, stated.
BPI was the first bank to receive investment-grade rating from Fitch in April 2013. This rating was also affirmed in April 2014.
Additional information is available on www.fitchratings.com
ABOUT BANK OF THE PHILIPPINE ISLANDS
BPI, the first bank in the Philippines and Southeast Asia, is a universal bank with an expanded banking license. Together with its subsidiaries, BPI offers a wide range of financial services from consumer banking and lending, asset management, securities brokerage and distribution, insurance, leasing, foreign exchange, and corporate and investment banking. BPI is a leader in Philippine banking, with its high market capitalization, strong Tier 1 capital adequacy ratio and healthy shareholder return, all promoted and supported by prudent management. BPI is rated investment-grade by the international ratings agencies.