S&P: Ratings On The Republic Of The Philippines Affirmed At 'BBB/A-2'; Outlook Stable
The proceeds from the series 2016A and 2016B bonds will be used to refund the SA's series 2003A and 2003B certificates of participation, 2004 revenue bonds (Events Center-Arena) and series 2006A and 2006 tax allocation revenue bonds. We plan to discontinue our ratings on these bonds once they are fully refunded.
"The rating reflects our view of such factors as the agency's four-year trend of assessed value growth, strong coverage of maximum annual debt service, and inability to issue additional parity debt other than refunding debt under bond provisions," said S&P Global Ratings credit analyst Chris Morgan.
The stable outlook reflects our view of recent positive AV growth that we anticipate will continue in some form during our two-year outlook horizon.