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

Fitch Ratings has assigned the Philippines' forthcoming US dollar-denominated bonds an expected rating of 'BBB-(EXP)'.

The Philippines intends to use the proceeds from the bond sale to pay the purchase price and accrued interest of its own securities repurchased 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 a Positive Outlook.

RATING SENSITIVITIES

The rating would be sensitive to any changes in the Philippines' Long-Term Foreign-Currency IDR.

On 8 April 2016, Fitch affirmed the Philippines' Long-Term Foreign-Currency IDR at 'BBB-' with a Positive Outlook. The Long-Term Local-Currency Rating is also 'BBB-' with a Positive Outlook.