The government’s proposed euro-denominated note issuance received investment-grade ratings from major debt watchers, as the country seeks more financing to support recovery initiatives from the COVID-19 pandemic.
S&P Global Ratings and Fitch Ratings provided investment-grade scores to the proposed benchmark euro-denominated notes issuance of the government.
S&P said it assigned ‘BBB+’ long-term foreign currency rating to the proposed issuance, or the same rating the Philippines enjoys from the debt watcher (BBB+ with a stable outlook).
“The notes represent direct, general, unconditional, unsecured and unsubordinated obligations of the sovereign, and rank equally with the sovereign’s other unsecured and unsubordinated debt obligations,” S&P said.
Fitch said its rating was in line with Philippines’ long-term foreign-currency issuer default rating of “BBB” with a stable outlook. Fitch affirmed the country’s long-term foreign and local-currency IDRs on Jan. 10, 2021.
