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MANILA, Nov 16 (Reuters) - Standard & Poor's Ratings Services said on Monday it had assigned a BB minus rating to proposed new 2024 notes and the reopening of 2019 notes by Manila's state agency PSALM. The credit rating firm said it reaffirmed its BB minus rating on PSALM's reopened 7.25 percent senior unsecured guaranteed notes due 2019. It said in a statement PSALM plans to offer the new notes and the reopened dollar bonds in exchange for some existing bonds. Existing PSALM bonds qualifying for the debt swap are the $500 million 9.875 percent senior unsecured guaranteed notes due in 2010, $700 million zero coupon notes due 2010 and $400 million floating rate senior unsecured guaranteed notes due 2011. (Reporting by Rosemarie Francisco) ((rosemarie.francisco@thomsonreuters.com; +63 2 841-8937; Reuters Messaging: rosemarie.francisco.reuters.com@reuters.net)) Keywords: PHILIPPINES PSALM/S&P (If you have a query or comment on this story, send an email to news.feedback.asia@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved.
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