S&P ups Napocor view to stable

Standard & Poor's said it revised its outlook on the foreign and local currency credit ratings on Philippines' national Power Corp. (Napocor, foreign currency BB-/stable, local currency BB+/stable) to stable from negative.

At the same time, the ratings are affirmed, S&P noted.

These outlook revisions come after S&P revised the outlook on the local and foreign currency sovereign credit ratings on the Republic of Philippines to stable from negative (foreign currency BB-/stable/B, local currency BB+/stable/B).

The agency added the outlook revision on the sovereign ratings reflects its revised expectations concerning the prospects of policy continuity and adherence to fiscal consolidation following the recent implementation of the expanded VAT law and better-than-expected fiscal performance over 2005 showing rising revenue intake.

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