Moody’s Corporation’s at its headquarters in New York City. (File Photo by ANGELA WEISS / AFP)
MANILA, Philippines – Moody’s Ratings lowered its outlook on the Philippine banking system to “negative” from “stable,” citing a weaker operating environment for lenders and mounting risks to their asset quality as the economic fallout from the war in the Middle East threatens to weigh on growth and borrowers’ ability to repay loans.
In a report dated June 19, the global debt watcher warned that the economy would remain under pressure despite the recently announced memorandum of understanding between the US and Iran.
READ: Moody’s keeps ‘Baa2’ rating on 3 Philippine banks
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