Standard & Poor’s (S&P) Global Ratings has retained state-owned Power Sector Assets and Liabilities Management Corp.’s (Psalm) “BBB” credit rating and revised its outlook from “stable” to “positive,” mirroring that of the Philippines. This likelihood is the reason it has not assigned a stand-alone credit profile to Psalm, S&P said. We believe Psalm executes strategic government policies for power-sector reforms and it is difficult to differentiate Psalm from the Philippine government,” it added. If a country’s sovereign rating is changed, so will the firm’s, according to S&P. “We will revise the outlook to ‘stable’ if we take the same rating action on the sovereign, or if we believe government support for Psalm is weakening,” it added.

Source: Manila Times April 29, 2018 16:07 UTC