Fitch affirms Philippines

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

The outlook is stable.

Solid remittance inflows have helped the economy rebound from 2009's mild slowdown, while official reserves are climbing and the currency has been stable, Fitch said.

While the credit profile has strengthened in some areas since the ratings were downgraded to current levels in 2003, Fitch said it waits for the newly-elected Aquino administration to deliver on promises to boost the chronically-low tax take and maintain fiscal discipline in the 2011 budget.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.