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Moody's may cut Psalm of Philippines
Moody's Investors Service said it placed on review for possible downgrade the two tranches of yen-denominated guaranteed bonds due in 2020 and 2022 issued by Power Sector Assets and Liabilities Management Corp. of the Philippines.
The review is prompted by Moody's rating action in placing the Ba2 long-term foreign currency rating of the Republic of the Philippines on review for possible downgrade.
On review are Psalm's A3 rated tranche A ¥24.75 billion 3.20% guaranteed bonds due 2020 and Baa1 rated tranche B ¥37 billion 3.55% guaranteed bonds due 2022.
Moody's said the Philippines provides a full credit guarantee which covers repayments of principal and interest, as well as any withholding or deduction throughout the bonds' terms at maturity and on the interest payment date.
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