PSBank gets ‘Aaa’ rating from PhilRatings

Metrobank Group’s Philippine Savings Bank has secured the highest rating from local debt watcher Philippine Ratings Services Corp. (PhilRatings).

In a disclosure to the Philippine Stock Exchange, PSBank said it was assigned an issuer credit rating of “PRS Aaa,” with stable outlook, by PhilRatings.

As the highest issuer credit rating, a “PRS Aaa” evaluation signifies that a company has a very strong capacity to meet its financial commitments relative to that of other Philippine corporates.

On the other hand, a stable outlook is assigned when a rating is likely to be maintained or to remain unchanged in the next 12 months.

“We are honored to be recognized once again with PhilRating’s highest credit rating. Not only is it a testament to our creditworthiness and stability as a bank, but is also a welcome sign that we are managing the business well, and maintaining our resilience to weather the challenges for our people and customers,” PSBank president Jose Vicente Alde said.

Based on data from the Bangko Sentral ng Pilipinas, PSBank ranked first among thrift banks based on capital of P33.6 billion.

It was also the country’s second largest thrift bank in terms of assets at P239.3 billion, deposits at P183.7 billion, and loans and receivables, net at P161.8 billion, as of end-March 2020.

PSBank also holds an 18% share of the thrift bank sector’s portfolio for 2019, an improvement from its 16.9% market share in 2018.—AOL, GMA News