Fitch affirms Philippines

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

The outlook is stable.

While the Philippines has not been directly exposed to some of the most serious aspects of the international financial crisis, it is not impervious to the deterioration in global economic growth prospects, Fitch said.

Based on a sharp reduction in exports, which is expected to be partially offset by weaker imports, and an expected 6.8% decline in remittances, the agency said Philippine GDP growth will reach only 0.1% in 2009.

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