Moody’s rates Philippines bond Ba2

Moody's Investors Service said it assigned a provisional Baa2 senior unsecured rating to the Government of the Philippines' dollar-denominated bond offering maturing in 2028.

The rating mirrors the Government of the Philippines' issuer rating of Baa2 with a stable outlook.

The bonds will be direct, unconditional and unsecured obligations of the Government of the Philippines and will rank pari passu with all other senior unsecured debt obligations of the issuer.

Proceeds will be used to redeem outstanding bonds, as well as for general purposes including budgetary support.

“The Philippines' Baa2 government bond rating balances the sovereign's sound economic and fiscal fundamentals against structural challenges to competitiveness and increased domestic political risk,” Moody’s said in a news release.

“Strong real GDP growth – among the fastest in Asia-Pacific and similarly-rated sovereigns – has been supported by robust domestic demand, which has provided a buffer against external economic shocks.”

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