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Fitch upgrades Philippines
Fitch Ratings said it upgraded the Philippines' long-term foreign-currency issuer default rating to BB+ from BB, long-term local-currency issuer default rating and the country ceiling to BBB- from BB+.
The outlook is stable.
The short-term foreign-currency issuer default rating also was affirmed at B.
The upgrade reflects progress on fiscal consolidation against a track record of macro stability, broadly favorable economic prospects and strengthening external finances, Fitch said.
The agency said it projects the Philippines' budget deficit at 3% of GDP in 2011, down from 3.7% in 2010, testifying to broadly disciplined fiscal management by the Aquino administration since it took office at the end of June 2010.
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