S&P affirms Philippines

Standard & Poor's said the 3 recovery rating on the Republic of Philippines' foreign-currency debt remained unchanged following the government's second issuance of debt-exchange warrants.

The agency also affirmed the BB- long-term foreign-currency rating, BB+ long-term local-currency rating and B short-term foreign- and local-currency ratings, as well as the BB+ transfer and convertibility assessment on the sovereign.

The outlook is stable.

The government is issuing $2.25 billion of debt-exchange warrants, which refer to eligible foreign-currency bonds maturing between 2017 and 2032, valued at $10 billion.

According to S&P, the stable outlook reflects increasingly robust external liquidity and significant improvements in general government and public sector financial performance, against continued risks to revenue and deficit targets in light of weak collection efficiency.

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