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Fitch affirms Napocor notes
Fitch Ratings said it affirmed National Power Corp.'s $300 million of 2005 floating-rate notes due 2011 at BB.
Fitch also said it affirmed the company's $500 million of 2006 fixed- rate notes due 2016 at BB.
The outlook is stable.
The notes are irrevocably and unconditionally guaranteed by the Republic of Philippines, Fitch said, and the rating of the notes is based on the sovereign's BB long-term foreign-currency issuer default rating.
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