(The following statement was released by the rating agency)
Nov 08 - Fitch Ratings has assigned the Republic of the Philippines’ proposed PHP-denominated global bonds due 2022 an expected rating of ‘BB+ (EXP)'.
The proceeds will be used to fund the cash tender offer for the repurchase of outstanding bonds as part of the Republic’s broader liabilities management programme. The final rating is contingent upon receipt of final documents conforming to information already received.
As the currency of settlement is specified as USD, the rating is in line with the Philippines’ Long-Term Foreign Currency Issuer Default Rating (IDR). Philippines’ Long-Term Local Currency IDR is ‘BBB-'. The rating Outlooks are Stable.