Fitch affirms Napocor

Fitch Ratings said it affirmed National Power Corp.'s $500 million of fixed-rate notes due November 2016 at BB+ with stable outlook.

The rating on the notes is credit-linked to that of the Philippines as the notes are irrecoverably and unconditionally guaranteed by the Philippines, the agency said.

Fitch noted that the rating action follows the affirmation of the Republic of Philippines' long-term foreign currency issuer default rating at BB+ with a stable outlook.

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