Fitch: Philippines bonds BB+

Fitch Ratings said it assigned an expected rating of BB+ to the Republic of the Philippines' proposed peso-denominated global bonds due 2022.

The proceeds will be used to fund the cash tender offer for the repurchase of outstanding bonds as part of the republic's broader liabilities management program, Fitch said.

As the currency of settlement is specified as dollars, the rating is in line with the Philippines' long-term foreign-currency issuer default rating, the agency said.

The country's long-term local-currency issuer default rating is BBB- and its outlook is stable.

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