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By Likha C. Cuevas-Miel, Reporter
IN line with its upgrade for the Philippine
government, Moody’s Investors Service said it has also lifted its
outlook on eight local banks, a food and beverage firm and a
state-owned power company from stable to positive.
The upgrade means that the rating company may
raise its actual rating on the said firms in the next six months to
a year. An improvement would mean these companies can borrow from
foreign sources at cheaper rates, all else equal.
Among the banks that received a positive outlook
from Moody’s were Allied Banking Corp., Banco de Oro-EPCI, Bank of
the Philippine Islands, Development Bank of the Philippines, Land
Bank of the Philippines, Metropolitan Bank & Trust Co.,
Philippine National Bank, and Rizal Commercial Banking Corp. The
rating company also raised the outlook on Universal Robina Corp. and
National Power Corp.
In a separate announcement on Friday, Moody’s
said it raised the Philippine government’s rating outlook to
positive from stable. The country is presently rated a B1 or three
notches below investment grade. As in the case of the above firms,
the government may expect an actual rating upgrade in the next six
months to a year.
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