S&P Global Ratings has upgraded the credit rating of Security Bank Corp.and affirmed the rating of state-owned Development Bank of the Philippines (DBP) in line with its view of reduced credit risk for Philippine banks.

In a statement released Monday night, S&P said Security Bank’s long-term issuer credit rating of ‘BB+’ was raised a notch higher to ‘BBB-’. The bank’s new lower medium investment grade rating was assigned with a stable outlook.

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