International credit watcher Moody’s Investors Service announced on Monday that it maintained a stable outlook on Rizal Commercial Banking Corp.’s (RCBC) Euro Medium-Term Note (EMTN) program amid an upsize.
Moody’s said it kept its “Baa2” rating of RCBC’s EMTN program after it was increased to $2 billion from $1 billion.
Moody’s has upgraded RCBC’s $1-billion EMTN program to “Baa3” from “Ba2” in May 2015. This rating was subsequently upgraded to “Baa2” from “Baa3” in November 2017.
On December 31, 2017, RCBC reported consolidated assets of P443.3 billion or approximately $8.87 billion.
In November 2017 Moody’s upgraded the bank’s foreign currency deposit ratings to “Baa2” from “Baa3,” on account of the assumption that RCBC will receive ample support from the local government in times of need.
“Moody’s expects the bank to maintain its capital buffers in line with other similarly rated peers in the Philippines by periodically accessing the equity markets, as it has done in the past,” the credit watcher said.