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Monday, May 6, 2013

Philippines Upgraded to Investment Grade BBB- with Stable Outlook

On Thursday May 2, 2013, New York-based Standard & Poor’s (S&P) awarded the second investment-grade rating to the Philippines sovereign credit rating to “BBB-” from “BB+” and gave it a stable outlook, citing the country’s “strengthening external profile, moderating inflation and the government’s declining reliance on foreign currency debt.”

Fitch Ratings-Hong Kong-27 March 2013: Fitch Ratings upgraded the Philippines' Long-Term Foreign-Currency Issuer Default Rating (IDR) to 'BBB-' from 'BB+'. The Long-Term Local-Currency IDR has been upgraded to 'BBB' from 'BBB-'. The Outlooks on both ratings are Stable. The agency has also upgraded the Country Ceiling to 'BBB' from 'BBB-' and the Short-Term Foreign-Currency IDR to 'F3' from 'B'.

Citing the country’s strong economic fundamentals and better public fund management, the S&P stated that the upgrade reflects the country’s strengthening external profile, moderating inflation, and government’s declining reliance on foreign currency debt. The Philippines, it said, was boosted by an improved and fairly stable environment, helped partly by currency appreciation. It expected remittance inflows from foreign and overseas Filipino workers, along with a booming Business Process Outsourcing industry to keep the current account in surplus over the next several years. An investment grade is a seal of good housekeeping. It tells investors it is safe to do business in the Philippines, encouraging them to put huge capital in the country.

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