S&P upgrades PSALM

S&P said it raised the long-term issuer credit rating on Power Sector Assets and Liabilities Management Corp. (PSALM) to BBB+ from BBB in line with the upgrade of the sovereign credit rating on the Philippines.

PSALM benefits from an almost certain likelihood of receiving timely extraordinary support from its owner, the Philippine government, based on its critical public policy role and integral link with the government, S&P said.

The rating on the government-owned PSALM is equalized with that on the sovereign, the agency said.

The company has a critical public policy role and integral link with the government, S&P said.

The stable outlook on PSALM reflects that on the Philippines, the agency added.

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