TEXT-S&P ratings - Philippines (Republic of the)

(The following statement was released by the rating agency)

Dec 20 -

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Ratings -- Philippines (Republic of the) -------------------------- 20-Dec-2012

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CREDIT RATING: BB+/Positive/B Country: Philippines

Primary SIC: Sovereign

Mult. CUSIP6: 718286

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Credit Rating History:

Local currency Foreign currency

04-Jul-2012 BB+/B BB+/B

12-Nov-2010 BB+/B BB/B

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Issues:

Rating Rating Date

US$690 mil 8.75% global bnds due 10/07/2016 BB+ 04-Jul-2012

US$400 mil 8.60% bnds due 06/15/2027 BB+ 04-Jul-2012

US$100 mil 8.60% bnds due 06/15/2097 BB+ 04-Jul-2012

PHP2 bil 14.375% bnds due 04/24/2017 BB+ 18-Jan-2005

US$1 bil 9.875% bnds due 01/15/2019 BB+ 04-Jul-2012

US$1 bil 9.50% bnds due 10/21/2024 BB+ 04-Jul-2012

US$2 bil 10.625% nts due 03/16/2025 BB+ 04-Jul-2012

US$1 bil 9.375% global bnds due 01/18/2017 BB+ 04-Jul-2012

US$1 bil 9.00% bnds due 02/15/2013 BB+ 04-Jul-2012

US$1.7 bil 8.25% bnds due 01/15/2014 BB+ 04-Jul-2012

US$1.05 bil 8.875% bnds due 03/17/2015 BB+ 04-Jul-2012

US$2 bil 9.50% bnds due 02/02/2030 BB+ 04-Jul-2012

US$1.3 bil 8.00% bnds due 01/15/2016 BB+ 04-Jul-2012

US$2.385 bil 7.75% bnds due 01/14/2031 BB+ 04-Jul-2012

EUR500 mil 6.25% bnds due 03/15/2016 BB+ 04-Jul-2012

PHP25.005 bil 8.75% benchmark bnds ser PIBD

0713C438 due 03/03/2013 BB+ 26-Jun-2006

US$764 mil 7.50% amortising global bnds due

09/25/2024 BB+ 04-Jul-2012

US$1.5 bil 6.375% global bnds due 01/15/2032 BB+ 04-Jul-2012

US$1.5 bil 8.375% benchmark bnds due 06/17/2019 BB+ 04-Jul-2012

US$1.4 bil 6.50% global bnds due 01/20/2020 BB+ 04-Jul-2012

US$1.85 bil 6.375% global bnds due 10/23/2034 BB+ 04-Jul-2012

PHP0 mil Benchmark size US$ equivalent adj rate

global bnds due 09/08/2021 BB+ 04-Jul-2012

PHP44.109 bil 4.95% Global bnds due 01/15/2021 BB+ 07-Dec-2012

PHP54.77 bil 6.25% global bnds due 01/14/2036 BB+ 07-Dec-2012

US$1.5 bil 5.50% US dollar-denominated bnds due

03/30/2026 BB+ 04-Jul-2012

US$1.5 bil 5.00% bnds due 01/13/2037 BB+ 04-Jul-2012

PHP30.8 bil 3.90% Peso-denominated Sr Unsecd

Global bnds due 11/26/2022 BB+ 08-Nov-2012

PHP430.1 bil treasury bills B 18-Jan-2005