Moody's: Philippines bond Ba3

Moody's Investors Service said it assign a Ba3 rating to the upcoming global bond issuance of the government of the Republic of the Philippines.

The outlook is positive.

The rating is subject to receipt of final documents.

The Philippines' sovereign rating is supported by a favorable outlook for government finances amid robust economic growth and an increasingly strong external payments position, Moody's said.

Largely due to expenditure restraint by the new government, the Philippines recorded a fiscal deficit of 3.7% of GDP over 2010, less than budget projections of 3.9%, the agency said.

Economic growth also accelerated to its fastest rate in three decades in 2010, bolstered by the continued strength in private consumption and gains in private investment spending and a rebound in export shipments, Moody's said.

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