Moody's rates Philippines bond Ba3

Moody's Investors Service said it assigned a foreign-currency rating of Ba3 with a stable outlook to the re-opening of the Philippines' global bond issuance program.

"The authorities appear to have taken timely and appropriate steps to limit the damage to the economy from the global crisis," Tom Byrne, a Moody's senior vice president, said in a statement.

"Although revenues have come under more-than-expected pressure - against the backdrop of a notable slowdown in GDP growth - the medium-term prospects of the economy and the government's fiscal framework are not expected to experience deep damage."

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