Fitch revises LANDBANK outlook to stable amid pandemic

Fitch Ratings has revised its outlook for Land Bank of the Philippines (LANDBANK) to "stable" from "positive," citing risks to the bank's standalone credit profile due to the pandemic.

The credit rater affirmed LANDBANK's long-term issuer default ratings at "BBB" but downgraded its viability rating to "bb" from "bb+."

This action follows a similar downgrade of the Philippines' sovereign rating outlook to "stable" from "positive" by Fitch.

Fitch cited the severe economic shock from the pandemic, including a lockdown affecting a significant portion of the population and GDP, as a primary reason for the downgrade.

The debt watcher projects a one percent decline in the country's GDP for the current year.