RPT-Fitch Affirms National Power Corporation PSALM Notes

Tue Apr 1, 2014 6:41am EDT

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April 1 (Reuters) - (The following statement was released by the rating agency)

Fitch Ratings has affirmed the notes of Philippines-based Power Sector Assets and Liabilities Management (PSALM) Corporation as listed below.

National Power Corporation PSALM Notes

USD500m fixed-rate notes due November 2016 affirmed at 'BBB-'; Outlook 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 affirmation of the Philippines' Long-Term Foreign Currency Issuer Default Rating at 'BBB-' with a Stable Outlook on 25 March 2014.

Rating Sensitivities

Changes to the Philippines' rating will result in a corresponding action on the notes' rating.