Fitch: Philippines' ratings unaffected

Fitch Ratings said that it expects no rating implications to follow from the offer of the Republic of the Philippines to exchange up to $11.829 billion of its outstanding sovereign global bonds.

Fitch said the offer of exchange is extended to holders of 12 series of bonds maturing from 2007 to 2025 and is scheduled to expire Sept. 12. Eligible bonds maturing up to 2019 can be exchanged for newly issued dollar-denominated global bonds maturing in 2024.

The Philippines' 7¾% $1.95 billion global bond maturing in 2031 will be re-opened, for which eligible bonds maturing in 2024 and 2025 can be exchanged.

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