Moody's gives Philippines bond B1

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

The positive outlook was affirmed in early 2009, taking into account the resiliency evident in the country's balance of payments and financial system in face of the global recession, the agency said.

At the same time, Moody's said it factors in the strained state of public finances.

An outlook by Moody's signals the possible rating direction over a 12-18-month horizon.

According to the agency, the country's fortified external payments position is reflected in its maintenance of a historically high level of official foreign exchange reserves, which helps to buffer the economy and government finances from external shocks.

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