Moody’s Investors Service has lowered its outlook for the credit ratings of the Rizal Commercial Banking Corp. (RCBC) and Philippine National Bank (PNB) from stable to negative, indicating that those ratings may be downgraded.

In a statement on Tuesday night, the New York-based credit rating agency explained that the outlook change on RCBC’s rating reflected risks to asset quality, especially in the retail and small and medium-sized enterprise (SME) segments, that arose from the economic shock induced by the coronavirus disease 2019 (Covid-19) pandemic.

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