S&P: Philippines bond BBB

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

The bonds are due in March 2041.

The notes will constitute the direct, unconditional, unsubordinated and unsecured obligations of the Philippines, the agency said.

The proposed debt issue is backed by the full faith and credit of the Philippines for the punctual payment of all principal and interest due, S&P said.

The ratings reflect the country’s strong external position, which features rising foreign exchange reserves and a low external debt burden, the agency said.

These strengths are offset by the country’s low income and its developing institutional and governance framework, which hampers policy responsiveness, S&P said.

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