Moody’s to acquire minority stake in PhilRatings

Moody’s  has agreed to acquire a minority stake in Philippine Rating Services Corporation (PhilRatings), a Manila-based domestic credit rating agency. Financial terms were not disclosed.

The investment expands Moody’s network of domestic rating agency affiliates in Asia-Pacific. PhilRatings will continue to operate independently, retaining its management, governance, and credit rating processes.

Moody’s will provide global standards, best practices, and technical support as PhilRatings works to strengthen the Philippines’ credit market infrastructure. Moody’s says it is the first global credit rating agency to invest in a domestic rating agency in the country.