S&P Global Ratings gave “BBB+” long-term foreign-currency issue rating to the bond issuance, while Moody’s Investors Service assigned senior unsecured ratings of “Baa2.”
The proceeds from the bonds are intended for general purposes including budgetary support, with those from the 25-year offering supporting the issuer’s efforts towards sustainable development and addressing climate change under its Sustainable Finance Framework.
Moody’s said even as the country emerged from the pandemic with a degree of economic scarring, the recovery in real GDP growth would persist amid the deterioration in global credit conditions in the near-term and converge towards potential rates of around 6 percent per annum beyond this year. The Philippines’ per capita income, which is lower relative to peers at roughly $9,175 in 2021 at purchasing power parity compared with around $27,150 for the median Baa- rated sovereign, is an important constraint on both economic strength and the rating, it said.
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