Moody’s rates Philippines bond Baa2

Moody's Investors Service said it assigned a provisional Baa2 rating to the Government of the Philippines' dollar-denominated bond offering maturing in 2041.

The Philippines' Baa2 government bond rating is supported by improvements in government finances with ongoing debt reduction. The country has also weathered weaker external demand with real GDP growth accelerating through 2015 on the back of stronger private consumption and government spending, the agency said.

As a net oil importer, the Philippines' has benefited from lower oil prices via lower inflation and a compression of its import bill that has supported the current account surplus.

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