Moody's: positive view for Philippines

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 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, Moody's said. It also factors in the strained state of public finances, the agency said.

The positive outlook also is influenced by the ebbing in inflationary pressures and the ability of the country's central bank to anchor inflationary expectations under its formal inflation targeting framework, Moody's said.

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