Global debt watcher Moody’s Investors Service joined Fitch Ratings and S&P Global Ratings in giving an investment grade to the government’s proposed euro-denominated dual-tranche bond offerings with planned maturities of three and nine years.
Moody’s said in a report Tuesday it assigned “Baa2” senior unsecured ratings to the euro-denominated bond offering, adding the debt papers would constitute direct, unconditional and unsubordinated obligations of the government of the Philippines.
“The bonds will rank pari passu with all of the issuer’s current and future senior unsecured external debt obligations. The proceeds from the bonds are intended for general purposes, including budgetary support,” it said.
“The ratings mirrors the Government of the Philippines’ issuer rating of ‘Baa2’ and a stable outlook,” it said.
Moody’s said the Philippines’ Baa2 issuer rating was characterized by sustained strong economic performance, a strengthening fiscal position and limited vulnerability to external shocks.