Moody's upgrades Psalm

Moody's Investors Service said it upgraded the senior unsecured bond rating of Power Sector Assets & Liabilities Management Corp. to Ba3 from B1. The bonds are irrevocably and unconditionally guaranteed by the Philippines government.

The outlook is stable, in line with the sovereign outlook. The action follows the upgrade of the Philippines government's long-term foreign-currency rating to Ba3 from B1.

Moody's said the Ba3 rating reflects the Philippines government's unconditional and irrevocable guarantee for Psalm's rated senior unsecured debts.

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