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Proposed euro bond earns ‘BBB’ rating

Republika

The country’s proposed euro-denominated bonds recently gained “BBB” rating from Fitch Ratings.


Fitch’s rating is the same rating as that of the sovereign.


“The Philippines intends to use the net cash proceeds from the sale of the global bonds for general purposes, including budgetary support,” Fitch said in a rating action commentary.


Fitch said it affirmed the country’s long-term foreign and local-currency issuer default ratings (IDRs) last Jan. 10.


Information from the US Securities and Exchange Commission (SEC) showed that the proposed debt offering involves “four-year and/or 12-year and/or 20-year euro-denominated US SEC-registered senior unsecured benchmark bond.”


It said the debt papers may be offered “subject to market conditions” after a series of investors’ meetings in Asia, Europe, and the US that started last April 19.


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