Fitch: Psalm view to positive

Fitch Ratings said it affirmed the BBB- rating on Power Sector Assets and Liabilities Management Corp.’s (Psalm) $500 million fixed-rate notes due November 2016.

The agency also said it revised the company’s outlook to positive from stable.

The rating on the notes is credit-linked to that of the Philippines as the notes are irrecoverably and unconditionally guaranteed by the Republic of Philippines, Fitch said.

The outlook revision follows a similar outlook revision on the Philippines, the agency said.

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