Moody's may cut Philippines

Moody's Investors Service said it placed on review for possible downgrade the Philippines' long-term foreign- and local-currency ceilings and ratings due to concerns over the sustainability of the government's fiscal and debt positions.

Moody's said the continued deterioration in these areas also places added pressures on the external balance of payments and the ability of the authorities to maintain a prudent level of official foreign exchange reserves.

Moody's said its review affects the Philippines' Ba2 foreign-currency rating for government bonds, the Ba2 long-term foreign-currency country ceiling for bonds, the Ba3 long-term foreign-currency ceiling for bank deposits as well as the Ba2 local-currency rating of the government.

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