Fitch Rates Philippines' USD Bond 'BBB-(EXP)

Tue Jan 6, 2015 5:22am EST

(The following statement was released by the rating agency) HONG KONG, January 06 (Fitch) Fitch Ratings has assigned the Philippines' forthcoming US dollar-denominated bonds due 2040 an expected rating of 'BBB-(EXP)'. The Philippines intends to use the proceeds from the sale to pay the principal and interest on bonds it purchased in an associated debt management operation. Residual proceeds may be used for general budget financing purposes. KEY RATING DRIVERS The expected rating is in line with the Philippines' Long-Term Foreign Currency Issuer Default Rating (IDR) of 'BBB-' with Stable Outlook. RATING SENSITIVITIES The rating on the bonds would be sensitive to any changes in the Philippines' Long-Term Foreign Currency IDR. For more details on the key rating drivers and sensitivities for the Philippines' ratings, see the most recent rating action commentary on the sovereign "Fitch Affirms Philippines at 'BBB-'; Outlook Stable", dated 25 March 2014. Contact: Primary Analyst Sagarika Chandra Associate Director +852 2263 9921 Fitch (Hong Kong) Ltd. 2801, Tower Two, Lippo Centre 89 Queensway, Hong Kong Secondary Analyst Andrew Colquhoun Senior Director +852 2263 9938 Committee Chairperson James McCormack Managing Director +44 20 3530 1286 Media Relations: Wai-Lun Wan, Hong Kong, Tel: +852 2263 9935, Email: wailun.wan@fitchratings.com. Additional information is available on www.fitchratings.com Applicable criteria, 'Sovereign Rating Criteria' dated 12 August 2014 and 'Country Ceilings' dated 28 August 2014, are available at www.fitchratings.com. Related Research: "Philippines - Full Rating Report", 3 April 2014 Applicable Criteria and Related Research: Sovereign Rating Criteria here Philippines here Country Ceilings here Additional Disclosure Solicitation Status here ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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