Allied Bank gets rating upgrade from Capital Intelligence

MANILA, Philippines- Credit rating agency Capital Intelligence Ltd. upgraded the financial strength rating of Allied Banking Corp. from "BB-" to "BB". In a statement to the Philippine Stock Exchange, Allied Bank said the credit rating agency affirmed its foreign currency long and short-term ratings at "BB-" and "B", respectively. Outlooks for its foreign currency and financial strength are also "stable". The bank said the credit rating upgrade was due to its significant improvement in assets quality, good niche in the inward remittance market, bancassurance supported by the acquisition of New York Life Insurance (Philippines) and growing low-cost deposits. The universal bank has 283 branches and 247 ATM network nationwide. It is owned by tobacco magnate Lucio Tan. - GMANews.TV