S&P: Philippines bond BBB-

Standard & Poor's said it assigned a BBB- rating to a proposed benchmark size dollar-denominated global senior unsecured bond issue by the Republic of the Philippines.

The bonds mature in 2024.

The bonds will constitute the direct, unconditional and unsecured general obligations of the sovereign, S&P said, and will rank at least equally with all other unsecured and unsubordinated external debt of the Philippines.

The proposed debt issue is backed by the full faith and credit of the Philippines, the agency said.

The ratings reflect the country's strengthening external profile, moderate inflation and the government's declining reliance on foreign-currency debt, S&P said.

These positive aspects are balanced against a low-income economy and a high, albeit declining, interest burden on public debt, the agency said.

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