Moody's downgrades PNB's long-term deposit ratings to Baa3; outlook remains negative

Philippine National Bank: Key facts and statistics - H1 June 2022 - Issuer Profile – 2022/11/16 – US$ 200.00 – ...Philippine National Bank (PNB) is a Manila-based bank that provides retail and corporate banking, treasury and other financial services to corporate, small and medium-sized enterprise and retail customers, and to government institutions. As of 30 June 2022, PNB reported total consolidated assets of PHP1.2 trillion ($21.2 billion), which accounted for a 5.5% market share among banks in the Philippines. As of 30 June 2022, PNB operated domestically through 651 branches, and internationally through 71 branches, remittance centers, representative offices and subsidiaries in Europe, Asia, the Middle East and North America. Incorporated in 1916 as a government-owned banking institution, PNB served as the Philippines' de facto central bank until 1949. It was privatized beginning in 1989, when its shares were listed on the Philippine Stock Exchange (Ticker: PNB). As of 30 June 2022, the LT Group, Inc. indirectly owned 59.83% of PNB's share capital through various holding companies....

Moody's affirms Philippine National Bank's Baa3 deposit ratings; changes outlook to stable from negative - Rating Action – 2022/11/09 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Philippine National Bank: Update to credit analysis - Credit Opinion – 2022/08/29 – US$ 250.00 – ...Philippine National Bank's (PNB) Baa3 long-term foreign-currency deposit rating and senior unsecured bank debt rating reflect its weak asset quality and profitability, as well as adequate capital, strong liquidity and funding. The rating also incorporates a one-notch uplift over its ba1 Baseline Credit Assessment (BCA) to reflect our assumption of high likelihood of support from the Government of the Philippines (Baa2 stable). The negative outlook considers risks to asset quality because of the bank's exposure to sectors that are vulnerable to pandemic-related disruptions. Although the bank's capital provides a comfortable buffer to withstand asset-quality strain, it has deteriorated over the last year, and there are potential scenarios in which the buffer could be eroded. PNB's profitability will remain low because of high credit costs....

Philippine National Bank: Key Facts and Statistics - 9M September 2021 - Issuer Profile – 2021/12/14 – US$ 200.00 – ...Philippine National Bank (PNB) is the fifth-largest bank in the Philippines in terms of total assets, total loans and total deposits, as of 30 June 2021. The bank provides retail and corporate banking, treasury and other financial services to corporate, small and medium sized enterprises and retail customers, as well as to government institutions. As of 30 September 2021, PNB reported total consolidated assets of PHP1.1 trillion ($22.4 billion). As of 30 September 2021, PNB operates domestically through 703 branches, as well as internationally through 70 branches, remittance centers, representative offices and subsidiaries in Europe, Asia, North America and the Middle East. Incorporated in 1916 as a government-owned banking institution, PNB served as the Philippines' de facto central bank until 1949. It was progressively privatised beginning in 1989, when its shares were listed on the Philippine Stock Exchange (ticker: PNB). As of 30 June 2021, the LT Group, Inc. indirectly owned 59.83%...

Philippine National Bank: Update following rating downgrade to Baa3 - Credit Opinion – 2021/10/04 – US$ 250.00 – ...Philippine National Bank's (PNB) Baa3 long-term foreign-currency deposit rating and senior unsecured bank debt rating reflect the bank's weak asset quality and profitability, as well as strong capital, liquidity and funding. It also incorporates a one-notch uplift over its Baseline Credit Assessment (BCA) of ba1 to reflect our assumption of high public support from the Government of the Philippines (Baa2 stable). The negative outlook factors in the risks to asset quality because of the weak operating environment. Although the bank's capital provides a comfortable buffer to withstand asset- quality pressures, it has deteriorated over the last year, and there are scenarios in which the buffer could be eroded. PNB's profitability will remain low because of high credit costs....

Philippine National Bank: Update following rating action - Credit Opinion – 2020/12/09 – US$ 250.00 – ...On 1 December 2020, we affirmed Philippine National Bank's (PNB) Baa2 long-term foreign- currency deposit rating and senior unsecured bank debt rating and revised the outlook to negative from stable. The bank's ratings incorporate a Baseline Credit Assessment (BCA) of baa3 plus a one-notch uplift to reflect the assumption of public support from the Government of the Philippines (Baa2 stable). PNB's BCA of baa3 reflects the bank's strong capital and funding, as well as modest asset quality and profitability. The negative outlook factors in the risks to asset quality, especially in the retail and small and medium-sized enterprise (SME) and commercial loan segments, arising from the coronavirus pandemic-induced economic shock. While the bank's strong capital provides a buffer to withstand asset-quality pressures, there are scenarios in which even its current strong buffer could be eroded....

Moody's affirms ratings of RCBC and PNB; revises outlook to negative - Rating Action – 2020/12/01 – US$ 180.00 – ...ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications. To the extent permitted by law, MOODY'S and its directors, officers,...

Philippine National Bank: Key Facts and Statistics - H1 June 2020 - Issuer Profile – 2020/10/15 – US$ 200.00 – ...Philippine National Bank (PNB) is the fifth-largest bank in the Philippines in terms of total assets, total loans and total deposits, as of 31 December 2019. The bank provides retail and corporate banking, treasury and other financial services to corporate, small and medium sized enterprises and retail customers, as well as to government institutions. As of 30 June 2020, PNB reported total consolidated assets of PHP1,082.5 billion ($21.7 billion). As of 30 June 2020, PNB operates domestically through 715 branches, as well as internationally through 70 branches, remittance centers, representative offices and subsidiaries in Europe, Asia, North America and the Middle East. Incorporated in 1916 as a government-owned banking institution, PNB served as the Philippines' de facto central bank until 1949. It was progressively privatised beginning in 1989, when its shares were listed on the Philippine Stock Exchange (ticker: PNB). As of 30 June 2020, the LT Group, Inc. indirectly owned 59.83% of...

Philippine National Bank: Update to credit analysis - Credit Opinion – 2019/12/10 – US$ 250.00 – ...Philippine National Bank's (PNB) Baa2 long-term foreign-currency deposit rating incorporates the bank's Baseline Credit Assessment (BCA) of baa3 plus a one-notch uplift to reflect the assumption of public support from the Government of Philippines (Baa2 stable). The outlook on the bank's ratings is stable, in line with the stable outlook on the government's long-term rating. PNB's BCA of baa3 reflects the bank's stable asset quality, modest profitability, and strong funding and liquidity. The bank's strong capitalization and loan-loss coverage provide sufficient loss-absorption capacity at its current rating level to withstand moderate asset- quality deterioration over the next 12-18 months....

Philippine National Bank: Key facts and statistics - Q2 June 2019 - Issuer Profile – 2019/11/28 – US$ 200.00 – ...Philippine National Bank (PNB) is the fifth-largest bank in the Philippines in terms of total assets and total loans and total deposits, as of 30 June 2019. The bank provides retail and corporate banking, treasury and other financial services to corporate, middle-market and retail customers, as well as to government institutions. As of 30 June 2019, PNB reported total consolidated assets of PHP1,087.4 billion ($21.2 billion). As of 30 June 2019, PNB operates domestically through 712 branches, as well as internationally through 71 branches, remittance centres, representative offices and subsidiaries in Europe, Asia, North America (Canada and the US) and the Middle East. Incorporated in 1916 as a government-owned banking institution, PNB served as the Philippines' de facto central bank until 1949. It was progressively privatised beginning in 1989, when its shares were listed on the Philippine Stock Exchange (ticker: PNB). As of 30 June 2019, the LT Group, Inc. indirectly owned 59.83% of PNB's...