Fitch rates Philippines bonds BB

Fitch Ratings said it assigned a rating of BB to the Republic of the Philippines' $750 million bond issue.

The issue re-opens the 8.875% global bonds maturing in 2015 and the 9.5% global bonds maturing in 2030.

Fitch says the Philippines' long-term foreign currency rating of BB with a negative outlook reflects concerns about fiscal flexibility in the presence of high levels of public debt but also recognizes the country's relatively comfortable external finances and recently robust macroeconomic performance.

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