Given below are news about the events in the Philippine financial system. Your task is to interpret each story.

1.The Philippines once again received a credit rating upgrade from Moody's. Its bond yields went down.

Interpretation:

2.The Duterte administration starts to push through with its infrastructure projects. The government decides to hype borrowings. Government bond yields went up by 50 bps.

Interpretation:

3. San Mig Company experiences liquidity pressures due to the 2-month lockdown. Its bond that was issued two (2)_years ago with a coupon rate of 4% is now trading at 7% yield.

Interpretation:

These questions will be based on the topic "Managing Credit Risks,"