Fitch affirms Philippines

Fitch Ratings said it affirmed the Republic of the Philippines' long-term foreign currency and long-term local currency ratings of BB and BB+ respectively, but revised the outlook on both to negative from stable. The short-term foreign currency rating is affirmed at B.

Fitch said the outlook revision reflects increased concerns about prospects for fiscal policy adjustment.

These come against a backdrop of sharply diminishing fiscal flexibility that leaves the public finances vulnerable to shocks, including from domestic interest rate increases, exchange rate pressures or contingent liabilities emanating from the wider public sector or from banking system weaknesses, according to Fitch.

© 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.