Moody's rates Philippines bond B1

Moody's Investors Service said it assigned a foreign-currency rating of B1 with a positive outlook to the government of the Philippines' forthcoming global bond issuance.

The change in the outlook to positive from stable was originally taken in January 2008, Fitch said, and was prompted by the progress the government had made in stabilizing public finances.

In addition, the country's fortified external payments position - as reflected in the build-up in official foreign exchange reserves - is helping the country's economy weather the global financial crisis, the agency said.

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