Moody's lifts CE Casecnan

Moody's Investors Service said it upgraded CE Casecnan Water and Energy Co., Inc.'s senior unsecured bond rating to Ba3 from B1.

The outlook is stable, in line with the sovereign outlook. The action follows the upgrade of the Philippines government's long-term foreign-currency rating to Ba3 from B1.

Moody's said the Ba3 rating reflects the credit quality of the project offtaker, National Irrigation Administration, which is supported by a guarantee from the Philippines government (Ba3/stable), track record of timely payments from NIA and the expectations of a very strong debt service coverage ratio.

CE Casecnan's rating reflects its close linkage to the credit quality of NIA, whose payment obligations are guaranteed by the Philippines government, the agency said.

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