(The following statement was released by the rating agency)
Fitch Ratings-Hong Kong-January 20:
Fitch Ratings has assigned the Philippines' forthcoming euro-denominated bonds
an expected rating of 'BBB(EXP)'.
Philippines
----senior unsecured; Long Term Rating; Expected Rating; BBB(EXP)
Key Rating Drivers
The expected rating is in line with the Philippines' Long-Term Foreign-Currency
Issuer Default Rating (IDR) of 'BBB' with a Stable Outlook.
RATING SENSITIVITIES
The rating would be sensitive to any changes in the Philippines' Long-Term
Foreign-Currency IDR.
Fitch affirmed the Philippines' Long-Term Foreign- and Local-Currency IDRs at
'BBB' with a Stable Outlook in May 2019.
Date of Relevant Committee
29 May 2019
ESG Considerations
The ESG profile is in line with that of the Philippines.
For more information on our ESG Relevance Scores, visit fitchratings.com/esg
Contacts:
Primary Rating Analyst
Sagarika Chandra,
Associate Director
+852 2263 9921
Fitch (Hong Kong) Limited
19/F Man Yee Building 60-68 Des Voeux Road Central
Hong Kong
Secondary Rating Analyst
Stephen Schwartz,
Senior Director
+852 2263 9938
Committee Chairperson
Jan Friederich,
Senior Director
+852 2263 9910
Media Relations: Peter Hoflich, Singapore, Tel: +65 6796 7229, Email:
peter.hoflich@thefitchgroup.com; Leslie Tan, Singapore, Tel: +65 6796 7234,
Email: leslie.tan@thefitchgroup.com.
Additional information is available on www.fitchratings.com
Applicable Criteria
Country Ceilings Criteria - Effective from 19 July 2018 to 5 July 2019 (pub. 19
Jul 2018)
https://www.fitchratings.com/site/re/10037793
Sovereign Rating Criteria (pub. 26 May 2019)
https://www.fitchratings.com/site/re/10072225
Additional Disclosures
Solicitation Status
https://www.fitchratings.com/site/pr/10107292#solicitation
Endorsement Policy
https://www.fitchratings.com/regulatory
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