If the liquid benchmarks continue to widen, eventually it will spill over into the less liquid names.

Longer-term, the Philippines could be entering a period of heightened coup attempts, rumor -- similar to the period under former president Corazon Aquino.

It basically allows their net debt to drop and they are only selling a 20 percent stake -- that means they don't lose control over their port operations' cash flows.

Net-net, it is quite positive and would help to alleviate some of the concerns on the credit. There is now ample scope for S&P to remove the negative outlook on its rating.