Business MirrorPublished on Wednesday, 03 April 2013 18:36
FITCH Ratings hiked the credit score of state-owned National Power Corp. (Napocor) following the country’s upgrade to investment status.
In a statement, Fitch on Wednesday said it raised Napocor’s $500-million fixed-rate notes due November 2016 to BBB- from BB+ or below the national government’s newly-won investment-grade rating.
Fitch assigned a stable outlook on Napocor’s notes, which means the new ratings will hold in the near term.
“The rating on the notes is credit-linked to that of the Philippines as the notes are irrecoverably and unconditionally guaranteed by the Republic of Philippines,” the ratings firm said.
As such, “changes to the Philippines’s rating will result in a corresponding action on the notes’ rating,” Fitch said.
Napocor issued the $500-million bonds in 2006 to refinance its obligations. source
InterAksyon.com
No comments:
Post a Comment