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February 13, 2008 |
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BANCO DE ORO-EPCI: SEC Approves Corporate Name Change The Philippines' Security and Exchange Commission has approved Banco de Oro-Equitable PCI Inc.'s name change to "Banco de Oro Unibank, Inc." The bank's board and stockholders gave their nods on the proposed corporate name change in July last year. The name change will not yet be reflected on the Exhange's computer system (electronic board and ticker) pending disclosure on the procedures for updating the bank's stock certificates. Banco de Oro-Equitable PCI Inc. is the result of a merger between Banco de Oro Universal Bank and Equitable PCI, with BDO as the surviving entity. The Troubled Company Reporter-Asia Pacific reported on June 11, 2007, that Standard & Poor's Ratings Services withdrew its 'BB-' counterparty credit ratings on Equitable PCI Bank Inc., as its merger with Banco De Oro Universal Bank became effective on May 31. S&P retained its 'BB-' counterparty credit rating and the issue ratings on both Equitable and Banco de Oro's rated debts. Equitable's rated debts will be transferred to the Banco de Oro- EPCI. On January 28, 2008, Moody's Investors Service has revised the outlook of the foreign currency debt and deposit ratings to positive from stable for ratings of Banco de Oro-EPCI Inc., which include: * Foreign currency long-term deposit rating of B1 and foreign currency senior unsecured debt rating of Ba2 (including the senior unsecured debt issued by the former Equitable PCI) * Foreign currency Not-Prime short-term deposit rating, Equitable PCI's foreign currency subordinated debt rating of Ba2 |
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Today's Top Stories have been selected from the Troubled Company Reporter - Asia Pacific. To receive the Full TCR-AP please CLICK HERE.
