Moody's affirms Philippines

Moody's Investors Service said it affirmed the positive outlook on the Philippines' B1 foreign- and local-currency government ratings and the Ba3 country ceiling for foreign-currency bonds and B1 country ceiling for foreign-currency bank deposits.

The outlook is positive.

The agency said the Philippines has demonstrated a remarkable degree of resiliency to the global financial and economic crises and has preserved gains achieved in recent years in improving the country's economic, external payments and fiscal fundamentals.

The Philippines' balance of payments and banking system have held up well to the global inflationary and credit market shocks of 2008, Moody's said, thereby placing the country's external payments in a strengthened position to cope with the stresses likely to be encountered in 2009.

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