Fitch: Philippines bonds BBB-

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

The proceeds will be used to pay the purchase price and accrued interest of its own securities repurchased in an associated debt-management operation, Fitch explained.

Any remaining proceeds will be used for general budget financing purposes, the agency said.

The expected rating is in line with the country’s long-term foreign-currency issuer default rating of BBB- with positive outlook, S&P said, and is sensitive to any changes in this rating.

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