OREANDA-NEWS. March 31, 2015. Fitch Ratings has affirmed the notes of Philippines-based Power Sector Assets and Liabilities Management (PSALM) Corporation as listed below.

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

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 the Philippines' Long-Term Foreign Currency Issuer Default Rating at 'BBB-' with a Stable Outlook on 17 March 2015.

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