Manila, Sept. 15 -- Moody's Corp. has taken a strategic minority stake in Philippine Rating Services Corp. (PhilRatings), marking the first time a global credit rater has invested in a local Philippine rating firm.

PhilRatings is the credit rating agency in the Philippines, which supports the development of the country's debt capital markets.

The investment in PhilRatings expands Moody's Asia-Pacific network of domestic rating agency affiliates.

The terms of the transaction, however, were not disclosed.

"Strong domestic debt markets are essential to supporting sustainable economic growth," Moody's Ratings Managing Director and Regional Head of Asia Pacific Wendy Cheong said in a statement Tuesday.

"PhilRatings has built deep insight ...