PNB’s global notes worth betting on — Moody’s
This bank’s global notes offer make for good investment.
Moody’s Investors Service has given investment grade rating to the medium term note programme of the Philippine National Bank (PNB).
The credit rater gave a Baa2 rating for the $1-billion notes offer, saying that the bank’s stable funding profile provides a degree of comfort for global investors.
“PNB’s senior unsecured EMTN program rating of (P)Baa2 is at the same level as the Philippines’ sovereign rating. It is unlikely that PNB will be rated above the sovereign, because of the high correlation of risk between the bank and the sovereign. Moreover, the stable outlook on the sovereign’s rating suggests that the upside and downside risks are balanced,” Moody’s said.