Fitch affirms National Power

Fitch Ratings said it affirmed National Power Corp.'s (Napocor) $500 million fixed-rate notes at BB.

The outlook is stable.

The notes are irrecoverably and unconditionally guaranteed by the Republic of the Philippines and therefore based on the Philippines' long-term foreign-currency issuer default rating of BB with stable outlook, Fitch said.

The rating also addresses the timely payment of interest and the ultimate payment of principal of the notes by the legal final maturity in November 2016, the agency added.

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