Moody's affirms Philippine National Bank's Baa3 deposit ratings; changes outlook to stable from negative
Moody's Investors Service has affirmed the Baa3 long-term deposit ratings and ba1 Baseline Credit Assessment (BCA) of Philippine National Bank (PNB). At the same time, Moody's has changed the rating outlook to stable from negative, reflecting the agency's expectations that PNB's asset quality will...Philippine National Bank provides a range of banking and other financial services to corporate, middlemarket and retail customers, the National Government, local government units and government-owned and controlled corporations and various government agencies. Co.'s principal commercial banking activities include deposit-taking, lending, bills discounting, foreign exchange dealing, investment banking, fund transfers/remittance servicing and a full range of retail banking and trust services. As of Dec 31 2010, Co. operated through 325 domestic and 34 overseas branches and offices. As of Dec 31 2010, Co. had total assets of Pp302.13 billion and total deposits of Pp226.43 billion.
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