S&P: Philippines notes BBB

S&P said it assigned a BBB long-term issue rating to the benchmark-sized dollar-denominated notes of Republic of the Philippines.

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

The ratings reflect the country's lower middle-income economy and rising uncertainties surrounding the stability, predictability and accountability of its new government, S&P said.

Offsetting these weaknesses is the Philippines' strong external position, which features rising foreign-exchange reserves and low and declining external debt, the agency said.

The country has a stable outlook, reflecting view that a higher rating is unlikely over the next two years, S&P said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.