(Sept 15): Moody’s Corp has agreed to acquire a minority stake in Philippine Rating Services Corp as the global credit ratings firm looks to tap the growth of debt markets in the Philippines and across Southeast Asia.

Terms of the transaction weren’t disclosed. Moody’s said Manila-based PhilRatings’ local market expertise and credit ratings complement its global credit views for investors in the Philippines, according to a statement.

Moody’s highlighted the growth potential of the region’s debt markets. Domestic corporate bonds outstanding across the Asean region are more than twice the size of cross-border holdings, while the Philippines has more than US$100 billion (RM407.2 billion) of planned infrastructure investment over the next three years, it said.

Moody’s said it will be the first global credit rating agency to invest in a domestic ratings firm in the Philippines.

Following Moody’s investment, PhilRatings will continue to operate independently with its own management, governance and credit rating processes, according to the statement.

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