Fitch: Philippines bonds BBB-

Fitch Ratings said it assigned an expected BBB- rating to the Philippines’ forthcoming dollar-denominated bonds due 2040.

The country intends to use the proceeds to pay the principal and interest on bonds it purchased in an associated debt-management operation, Fitch said.

Residual proceeds may be used for general budget financing purposes, the agency said.

The expected rating is in line with the Philippines’ long-term foreign-currency issuer default rating of BBB- with stable outlook.

The rating on the bonds is sensitive to any changes in the Philippines’ long-term foreign-currency issuer default rating, Fitch said.

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