Moody's rates Philippines bonds Baa2

Moody's Investors Service said it assigned a Baa2 senior unsecured rating to three series of Japanese yen-denominated bond offerings by the Government of the Philippines due in three-, five- and 10-years.

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

The bonds are direct, unconditional and unsecured obligations of the government and will rank pari passu with all other senior unsecured debt obligations of the issuer, Moody's said.

The rating is characterized by the country's strong economic performance, strengthening fiscal position and limited vulnerability to external shocks, the agency said.

These are balanced against per capita income and debt affordability, both of which are structurally weaker as compared to similarly rated peers, Moody's said.

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