Fitch affirms the Philippines

Fitch Ratings said it affirmed the Philippines' long-term foreign-currency issuer default rating at BB, its long-term local-currency issuer default rating at BB+, short-term foreign-currency issuer default rating at B and the country ceiling at BB+.

The outlook remains stable.

The agency said that Philippines' relatively strong external financial position continues to support its sovereign credit ratings. Ongoing current account surpluses are contributing to a reduction in the country's external debt ratios, Fitch said, and have allowed for a significant increase in official foreign exchange reserves.

Fitch said it forecasts an increase in the merchandise trade deficit to more than $10 billion in 2008, as export growth slows and imports increase on the back of higher oil prices, the agency said.

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