穆迪-sovereign risk report market-based sovereign risk measures decline in the philippines-20170619-moody’s

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1、SOVEREIGNANDSUPRANATIONALSECTORIN-DEPTHSovereignRiskReport19June2017Market-BasedSovereignRiskMeasuresDeclineinthePhilippinesMarket-basedsovereigncreditriskmeasuresinthePhilippineshavecontinuedtotrendlowerthroughthefirsthalfof2017.Thefive-yearsovereignEDF1,whichmeasurestheproba

2、bilitythatthePhilippinesgovernmentwilldefaultonabondduringthenextfiveyears,felltoContacts0.26%annualizedintheweekendedJune16.ThismapstoanEDF-impliedratingofBaa2,GlennLevine212-553-9595whichisinlinewithitsMoody’srating.Atthestartof2017itssovereignEDFwas0.33%.TheAsscDir-SrResear

3、chAnalystspreadonfive-yearCDScontracts,whichistheprimarydriverofthefive-yearsovereignEDF,glenn.levine@moodys.comeasedfrom111to75bpoverthesameperiod.XianLi1.212.553.1404SeniorResearchExhibit1AnalystPhilippines'One-andFive-YearSovereignEDFMeasures(%)xian.li@moodys.comABOUTCAPITA

4、LMARKETSRESEARCHAnalysesfromMoody’sCapitalMarketsResearch,Inc.(CMR)focusonexplainingsignalsfromthecreditandequitymarkets.Thepublicationsaddresswhethermarketsignals,intheopinionofthegroup’sanalysts,accuratelyreflecttherisksandinvestmentopportunitiesassociatedwithissuersandsecto

5、rs.CMRresearchthuscomplementsthefundamentally-orientedresearchofferedbyMoody’sInvestorsService(MIS),theratingagency.CMRispartofMoody’sAnalytics,whichisoneofthetwooperatingbusinessesSource:CreditEdgeofMoody’sCorporation.Moody’sAnalytics(includingCMR)islegallyandorganizationally

6、separatedfromMoody’sInvestorsServiceandoperatesonanarm’sGovernmentdebtremainslowinthePhilippinesandtheeconomyisgrowingstrongly,solengthbasisfromtheratingsbusiness.itisnotsurprisingtoseesovereigncreditriskabating.ThebudgetisclosetobalancedandCMRdoesnotprovideinvestmentadvisorys

7、ervicesorproducts.grossgovernmentdebtisrunningatjust35%ofGDP;thisfigurewasashighas74%ofGDPin2004.Itseconomyisexpectedtogrowbyaround7%in2017,makingitoneofthefastestViewtheCMRFAQContacttheCMRteamFollowusonTwitterMoody’sAnalyticsmarketsanddistributesallMoody’sCapitalMarketsResear

8、ch,Inc.materials.Moody’sCapitalMarketsResearch,Inc.isasubsidi