S&P affirms the Philippines

Standard & Poor's said it affirmed its BB-/B foreign-currency and BB+/B local-currency issuer credit ratings on the Philippines.

The outlook is stable, reflecting the agency's assessment that local- and foreign-currency funding and rollover risks remain manageable in the wake of global financial market turbulence and consequent tightening liquidity conditions.

"Although still among the most vulnerable sovereigns due to its high external leverage, the growing strength of the Philippines' economic fundamentals and the attendant reduction in public sector borrowing requirements provide adequate counterbalance to rising global risk aversion and ebbing liquidity," S&P credit analyst Agost Benard said in an agency rating.

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