Fitch affirms positive BPI grade
By Ted P. Torres
The Bank of the Philippine Islands (BPI) has received affirmation of its investment-grade rating from international ratings agency Fitch Ratings recently. 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 a statement, Fitch explained that BPI's "ratings 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 chief executive office, stated.
BPI was the first bank to receive investment-grade rating from Fitch in April 2013. This rating was also affirmed in April 2014.
Last year, BPI was ranked third best overall and a leader in terms of profitability in the country's banking system.
It likewise reflected strong Tier 1 capital adequacy ration (CAR) and healthy shareholder return. BPI is rated investment-grade by the interenational ratings agencies.
The Ayala Group Bnak offers a wide range of financial services from consumer banking and ledning, asset management, securities brokerage and distribution, insurance, leasing, foreign exchange, and corporate and investment banking.