Philippine Rating Services Corporation (Philratings) announced that its issue rating for Philippine Savings Bank’s (PSBank) P2.0 billion unsecured subordinated debt remains at PRS AA plus to reflect their high quality and very low credit risk.

“The obligor’s capacity to meet its financial commitment on the obligation is very strong. A plus sign is included to further qualify the rating,” Philratings said.

It added that the rating of PSBank reflects the following key strengths: Strong market position supported by a well-defined strategy based on continuous product innovation, promotions and geographic expansion; robust deposit origination ability indicating capability to maintain depositor confidence; and improved capital position.

These strengths are counterbalanced by expectations of moderate growth in profitability given a still sluggish consumer market.

PhilRatings said it shall continue to monitor developments related to PSBank’s credit standing adding that the rating assigned to PSBank’s issuance can be changed at any time should circumstances warrant such a change.