Fitch turns Philippines view to negative

Fitch Ratings said it affirmed Philippines' long-term foreign-currency issuer default rating at BBB and revised the outlook to negative from stable.

The outlook revision reflects increasing risks to the credit profile from the pandemic’s effects and its aftermath on policy-making as well as on economic and fiscal out-turns, the agency said.

“Fitch believes there are downside risks to medium-term growth prospects as a result of potential scarring effects and possible challenges associated with unwinding the exceptional policy response to the health crisis and restoring sound public finances as the pandemic recedes,” the agency said in a press release.

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