OREANDA-NEWS. Fitch Ratings has affirmed the notes of Philippines-based Power Sector Assets and Liabilities Management (PSALM) Corporation and the Outlook remains Positive, as listed below.

USD500m fixed-rate notes due November 2016 affirmed at 'BBB-'; Outlook Positive

KEY RATING DRIVERS

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

The rating action follows the affirmation of Philippines' Long-Term Foreign-Currency Issuer Default Rating of 'BBB-' on 8 April 2016; with the Outlook remaining Positive.

RATING SENSITIVITIES
Changes to the Philippines' rating will result in a corresponding action on the notes' rating.

DUE DILIGENCE USAGE
No third party due diligence was provided or reviewed in relation to this rating action

DATA ADEQUACY
Fitch's rating analysis relies on the sovereign rating of the Philippines.