Moody's upgrades Psalm bonds

Moody's Investors Service said it upgraded its rating on the tranche B bonds issued by Power Sector Assets and Liabilities Management Corp. (Psalm) of the Republic of the Philippines to Baa1 (sf) from Baa2 (sf).

Moody's said the upgrade of the bonds was prompted by the Oct. 29 upgrade of the Philippines government to Ba1 from Ba2.

The bonds are still in the pre-Asian Development Bank guarantee period and the rating of the Philippines government drove the bonds' rating, the agency said.

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