Moody’s Corporation (NYSE:MCO) today announced that it has agreed to acquire a minority stake in Philippine Rating Services Corporation (PhilRatings), a leading domestic credit rating agency in the Philippines.
Headquartered in Manila, PhilRatings plays an important role in supporting the development of the Philippine debt capital markets.
“Strong domestic debt markets are essential to supporting sustainable economic growth,” said Wendy Cheong, Managing Director and Regional Head of Asia Pacific, Moody’s Ratings. “PhilRatings has built deep insight into the local market, and its ratings serve as a strong complement to Moody’s global views on credit for investors in the Philippines.”
Domestic corporate bonds outstanding in the ASEAN region are more than twice the size of cross-border holdings, and the more than US$100 billion of planned infrastructure investment in the Philippines over the next three years highlights the market’s potential. As the Philippines’ domestic bond market continues to develop, credit ratings and research will play a meaningful role in helping issuers access new sources of capital, develop funding strategies, and signal transparency to support investor confidence.
“Moody’s Ratings’ global standards, best practices and technical support will help us advance our mission to strengthen the credit market infrastructure in the Philippines,” said Angelica B. Viloria, President of PhilRatings. “Moody’s role as a minority stakeholder reinforces our commitment to trust, credibility, and best‑in‑class credit ratings and research for the Philippine market.”
Following Moody’s investment, PhilRatings will continue to operate independently with its own management, governance and credit rating processes.
Moody's Ratings is the first global credit rating agency to invest in a domestic credit rating agency in the Philippines. The investment in PhilRatings expands Moody’s Asia-Pacific network of domestic rating agency affiliates.
The terms of the transaction were not disclosed.
About Moody’s Corporation
In a world shaped by increasingly interconnected risks, Moody’s (NYSE:MCO) data, insights, and innovative technologies help customers develop a holistic view of their world and unlock opportunities. With a rich history of experience in global markets and a diverse workforce of approximately 16,000 across more than 40 countries, Moody’s gives customers the comprehensive perspective needed to act with confidence and thrive.
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