Fitch affirms National Power notes

Fitch Ratings said it affirmed the BB rating of $500 million in floating-rate notes issued by National Power Corp. (Napocor) in the Philippines in 2006 and assigned a stable outlook.

The agency also affirmed Napocor's $300 million in floating-rate notes issued in 2005 at BB and assigned a stable outlook to those notes.

The issues are irrecoverably and unconditionally guaranteed by the Republic of the Philippines and based on its long-term foreign-currency issuer default rating of BB.

The rating addresses the timely payment of interest and the ultimate payment of principal in August 2011 for the 2005 notes, Fitch said, and November 2016 for the 2006 notes.

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