Moody's rates Philippines bond Ba3

Moody's Investors Service said it assign a Ba3 rating to the Philippines government's forthcoming Philippines peso-denominated global bond issuance. The rating is subject to receipt of final documents.

The forthcoming bond rating will be at the same level as the sovereign's foreign- and local-currency issuer ratings, which have a stable outlook, Moody's said.

The ratings balance resiliency in the external payments position and stability in the financial system against structural weaknesses in government finances and a public-sector debt overhang larger than the country's rating peers, the agency said.

Moody's noted that the country's fiscal metrics were on an improving trend until the global recession hit.

But, despite a high level of debt, affordability and ability to finance are manageable, the agency added.

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