S&P rates Philippines issue BBB

S&P said it assigned a BBB long-term foreign-currency rating to the proposed benchmark-size dollar-denominated senior unsecured notes to be issued by the Republic of the Philippines.

The notes represent direct, general, unconditional, unsecured and unsubordinated obligations of the sovereign, S&P said, and rank equally with the sovereign's other unsecured and unsubordinated debt obligations.

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