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Land Bank of the Philippines
MANILA, Philippines — Land Bank of the Philippines maintained that its fundamentals remain sound and stable despite the downgrade of its credit outlook to “negative.”
This came after Fitch Ratings revised the bank’s outlook, mirroring a similar downgrade in the Philippines’ sovereign credit outlook last week. This was due to the oil shock triggered by the Middle East war and the spillover from the major graft scandal last year.
According to Fitch, support ratings for state-owned banks are aligned with the sovereign, reflecting the government’s capacity and willingness to extend assistance.
