The deal marks the first investment by a global credit rating agency in a domestic Philippine agency.
Moody's Corporation announced on 15 September 2026 that it has agreed to acquire a minority stake in Philippine Rating Services Corporation (PhilRatings). PhilRatings is a leading domestic credit rating agency headquartered in Manila. Financial terms of the transaction were not disclosed.
Moody's Ratings becomes the first global rating agency to invest in a domestic credit rating agency in the Philippines. PhilRatings will continue to operate independently with its own management, governance, and credit rating processes.
Domestic corporate bonds outstanding across the ASEAN region exceed twice the size of cross-border holdings. In addition, the Philippines has planned more than US$100 billion of infrastructure investment over the next three years.
Wendy Cheong, Managing Director and Regional Head of Asia Pacific at Moody's Ratings, stated that strong domestic debt markets are vital to support sustainable economic growth. Cheong added that local ratings complement the global credit views Moody's provides to investors. Angelica B. Viloria, President of PhilRatings, noted that Moody's technical support and global standards will help strengthen credit market infrastructure in the Philippines.
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