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Philippine Savings Bank (PSBank) Retains PRS AA Plus Rating

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Philippine Savings Bank (PSBank) Retains PRS AA Plus Rating
« on: October 17, 2008, 08:56:22 AM »
The P2-billion unsecured subordinated debt of the Philippine Savings Bank (PSBank) has retained its PRS AA plus rating.

The ratings was issued by the Philippine Rating Services Corp. (PhilRatings), the only domestic credit rating agency in the Philippines accredited by the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC).

“This is only slightly below the highest rating in the PhilRatings scale which is given to issues with the smallest degree of investment risk,” the rating agency said.

PhilRatings noted that the consistent high ratings given to PSBank is due to its continuous growth and stability in the past three years despite the adverse external conditions.

It also indicates its strong capability to pay its debt issue, which has a maximum term of 10 years, with a call provision after five years.

A PRS Aa plus rating means that the bank’s margins of protection may not be as large as in PRS Aaa issues. Fluctuations of protective elements may be of greater amplitude or there may be other elements present, which make long-term risks appear somewhat larger than for PRS Aaa-rated securities.

Specifically, the PRS AA plus rating given to PSBank reflects its key strengths such as its strong market position anchored on a well-defined strategy that is based on continuous product innovation; its promotions and geographical expansion; and its robust deposit generation ability indicating capability to maintain depositor confidence, the Philratings report said. - Philippine Star

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