Fitch keeps credit rating of 5 Phl banks

Fitch Ratings has affirmed the credit rating of five of the country's biggest banks and kept its stable outlook, on the back of a likely robust economic growth over the next two years.

- Keisha Ta-Asan

However, it downgraded the rating of state-run Development Bank of the Philippines (DBP) due to its contribution to the Maharlika Investment Fund.

Fitch affirmed the credit rating of BBB- a notch below the BBB rating of the Philip pines, and stable outlook for Sy-led BDO Unibank Inc.

The affirmation of BDO's investment grade rating took into account the high likelihood of sovereign support to the bank, if needed. This is because of BDO's high systemic importance, with market share of around 18 percent of system assets and deposits, as well as the state's fiscal flexibility.