Fitch Revises National Power Corporation PSALM Notes' Outlook to Positive
USD500m fixed-rate notes due November 2016 affirmed at 'BBB-'; Outlook revised to Positive from Stable
KEY RATING DRIVERS
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 rating action follows the revision of the Outlook on the Philippines' Long-Term Foreign-Currency Issuer Default Rating of 'BBB-' to Positive from Stable on 24 September 2015.
Changes to the Philippines' rating will result in a corresponding action on the notes' rating.
DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action.