Fitch: Philippines bonds BBB-

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

The proceeds will be used from the bond sale to pay the purchase price and accrued interest of its own securities repurchased in an associated debt management operation. Residual proceeds may be used for general budget financing purposes.

The expected rating is in line with the country’s long-term foreign-currency issuer default rating of BBB- with a positive outlook.

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