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MANILA, Philippines – National Power Corporation (Napocor) became the first government-owned and -controlled power firm to receive an investment grade rating on Wednesday, April 3.
A week after granting the Philippines its first investment grade rating, international credit rating firm Fitch Ratings upgraded Napocor’s $500 million-worth fixed rate notes due in November 2006 to BBB- (minus) from BB+ and gave it a stable outlook.
“The rating action follows the upgrade of Philippines’ Long-Term Foreign Currency Issuer Default Rating (LT FC IDR) to ‘BBB-‘ from ‘BB+’ with a Stable Outlook on 27 March 2013,” Fitch said.
“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,” it added.
Just before the Lenten break, Fitch upgraded the country’s credit rating to BBB-, the first level of investment grade ratings given by Fitch.
Fitch followed this up with the upgrade of PLDT’s long-term foreign currency issuer default rating (IDR) and senior unsecured rating to ‘BBB’ from ‘BBB-‘ or above investment grade. – Rappler.com
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