Moody's upgrades Psalm to Ba1

Moody's Investors Service said it upgraded the corporate family rating and senior unsecured bond ratings for Power Sector Assets & Liabilities Management Corp. (Psalm) to Ba1 from Ba2.

The outlook as revised to stable from positive.

Moody's said the action follows its decision to upgrade the Philippine government's long-term foreign-currency and local-currency ratings to Ba1 from Ba2, with an outlook revision to stable from positive.

"Psalm's ratings are underpinned by its distinct policy role and its close integration with the government," Moody's vice president and senior analyst Mic Kang said in a news release.

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