Moody's upgrades National Power

Moody's Investors Service said it upgraded the senior unsecured bond rating for National Power Corp. to Ba1 from Ba2.

The outlook was revised to stable from positive.

Moody's said the action follows its decision to upgrade the Philippine government's long-term foreign-currency and local-currency ratings to Ba1 from Ba2 with an outlook revision to stable from positive.

"The senior unsecured bond rating reflects the Philippine government's unconditional and irrevocable guarantee on National Power's rated long-term bonds," Moody's vice president and senior analyst Mic Kang said in a news release.

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