Fitch rates Philippine global bond BB

Fitch Ratings said it assigned the Republic of Philippines' forthcoming $1 billion 9 7/8% global bond due 2030 an expected long-term foreign currency BB rating. The outlook is negative.

Fitch said the sovereign ratings reflect Philippines' strong macroeconomic performance, current account surpluses supported by hefty remittances from offshore Filipino workers and an external balance sheet that continues to sit comfortably with BB-rated peers.

The maturity structure of the government's external debt is also helping to limit external financing pressures, reflecting the fact that over half of the debt is owed to official creditors, Fitch notes. The government's capacity to switch to the domestic market for its financing requirements also supports the rating.

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