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Type Long Term Commercial Paper (LTCP)
Amount PhP650 Million (As of June 30, 2004)

Rating PRS A
Date Rated November 2002
Rating Agency Philippine Rating Services Corporation
(An Affiliate of Standard & Poor’s)

With favorable attributes and are considered as upper-medium grade obligations.
Factors giving security to the principal and interest are considered adequate, but elements may be present which suggest a susceptibility to impairment some time in the future.

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