Plantersbank’s planned offering of P2.5 billion worth of Tier 2 notes received a best issue rating of “PRS A plus” from independent credit ratings agency Philippine Ratings Service Corporation (Philratings). The bank plans to beef up its Tier 2 capital as it intends to lend more aggressively to small and medium enterprises (SMEs) in 2010.
“The issuer rating assigned to Plantersbank reflects the following key consideration: well-defined strategy and established franchise in its defined market niche; strong and focused corporate leadership; sound funding profile; and positive revenue and earnings outlook,” the agency disclosed in a recent press statement.
Throughout its more than four decades of banking history, Plantersbank has consistently pursued its stated mission of providing comprehensive and financial advisory services to the SME sector, according to the agency.
“The bank’s dedicated pursuit of its chosen mandate has been a significant factor in its growth and experience, including the establishment of a solid market presence in the SME market,” it said.
“Philratings considers Plantersbank’s intimate knowledge of the SME market as a strong competitive advantage for the bank, amid competition posed by bigger, but less experienced market players.”