Fitch affirms Philippines

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

The outlook is stable.

"The ratings and outlook are supported by strong external finances, a track record of macroeconomic stability, favorable economic prospects, and falling public debt ratios," Philip McNicholas, a director at Fitch, said in a statement.

"However, structural weaknesses including low average income, a weak business environment and a low fiscal revenue take weigh on the credit profile."

© 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.