Moody’s rates Philippines bond Baa2

Moody's Investors Service said it assigned a provisional Baa2 rating to the Philippines' dollar-denominated bond offering maturing in 2027/2042.

The outlook is stable.

Moody’s said the Philippines' Baa2 government bond rating incorporates sound economic and fiscal fundamentals. The pickup in government spending since 2015 has stimulated capital formation without derailing debt consolidation, while private consumption has remained robust.

“Through the first three quarters of 2016, the Philippines has been among the fastest growing economies among rated countries in the Asia Pacific region,” the agency said in a news release.

“We expect the strength of domestic demand and services exports to provide a buffer against external headwinds to merchandise trade and remittance growth over the next one to two years.”

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