Fitch upgrades Land Bank of Phil viability rating to 'bb+'

Fitch Ratings has upgraded the Land Bank of the Philippines' viability rating to 'bb+' from 'bb', citing improvements in the country's banking sector operating environment and the bank's growing capital buffer.

The upgrade reflects Landbank's improving profitability due to lower credit costs, as it addresses its non-performing loans in a resilient economic climate.

Fitch also reaffirmed the bank's long-term issuer default rating (IDR) at 'BBB'/Stable and Government Support Rating (GSR) at 'bbb', emphasizing its systemic importance, full state ownership, and continued strong government support.

LandBank President and CEO Lynette Ortiz highlighted the latest upgrade as a testament to the bank's sound financial foundation and resilience.

With a solid capital base and an improving profitability outlook, LandBank is well-positioned to drive stronger financial performance while deepening its commitment to agriculture and other key economic sectors that fuel national growth.