PNB - PNB's BFSR outlook changed to positive

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PNB's BFSR outlook changed to positive

Moody's Investor Services said it has changed the outlook on Philippine National Bank's (PNB) 'E' bank financial strength rating and local currency deposit and debt ratings to positive from stable. PNB's potential merger partner Allied Banking Corp's (ABC) 'E+' bank financial strength rating is also affirmed with a stable outlook. PNB and ABC are majority owned by the Lucio Tan Group. Moody's said the rating actions follows the recent decision by the Supreme Court of the Philippines to uphold the decision of the Sandiganbayan -- a lower anti-graft court -- which did not have evidence to show that Lucio Tan's shareholdings in a number of firms, including ABC, were ill-gotten. The decision effectively ends the sequestration of these assets and clears the way for the merger between PNB and ABC, Moody's said. The ratings outlook on both bank' foreign currency deposit ratings remains stable. - Technistock/Citiseconline

PNB = 48.5 (-2.0%)

PNB a black candle with lower low and lower high with increasing volume.

PNB seems like it is correcting/trending down on its way to look for a level of support.

Good luck to all PNB traders!
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