S&P rates Philippines' National Power notes BB-

Standard & Poor's said it assigned its BB- rating to the proposed $500 million unsecured notes to be issued by Philippines' National Power Corp. (foreign currency BB-/stable, local currency BB+/stable).

The Republic of Philippines (foreign currency BB-/stable/B, local currency BB+/stable/B) will unconditionally and irrevocably guarantee the notes, S&P said, adding that the company will use the proceeds for capital expenditure.

S&P added that the ratings on Napocor reflect the Philippine government's unconditional direct guarantee on all of the utility's debt obligations, including the proposed issue.

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