Moody’s assigns investment grade to BPI’s $2-billion note program

Moody’s Investors Service has assigned an investment grade to the $2-billion medium-term note (MTN) facility of Bank of the Philippine Islands (BPI).
In a statement Monday, June 25, Moody’s said it has assigned a (P)Baa2 rating to BPI’s dollar-denominated note program, a notch above the minimum investment grade.
The global debt watcher added that BPI’s senior unsecured MTN program rating “is in line with the bank’s Baa2 foreign currency deposit rating.”
“The rating is underpinned by BPI’s baa2 baseline credit assessment (BCA) and Moody’s expectation of a very high probability of support for the bank from the government of the Philippines in times of need,” Moody’s added. — Karl Angelo N. Vidal