Moody's gives Philippines bonds Baa3

Moody's Investors Service said it assigned a Baa3 rating to the Government of the Philippines' dollar-denominated bond offering maturing in 2024.

A provisional Baa3 rating was also assigned to the government's U.S. shelf program.

The outlook is positive.

Moody's said the Philippines' Baa3 government bond rating is supported by strong growth performance in the context of macroeconomic stability. Over the past two years, the Philippines has recorded one of the highest rates of real GDP growth in the Asia-Pacific and among rating peers, while maintaining inflation at low levels and the current account in surplus.

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