Moody's: Philippines bonds Ba1

Moody's Investors Service said it assigned a rating of Ba1 to the government of the Philippines' global Philippine peso-denominated bond issuance maturing in 2022.

The agency said its definitive rating for this debt obligation confirms the provisional rating assigned on Nov. 8.

Moody's also upgraded the Philippines' foreign currency and local currency sovereign ratings to Ba1 from Ba2 on Oct. 29.

The agency said the key drivers for the decision were the country's improved economic performance and continued fiscal revenue buoyancy in the face of deteriorating global demand; its enhanced prospects for growth over the medium-term; and the stable financial system that poses limited contingent risks and provides a stable source of financing for the government.

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