S&P lifts Philippines

Standard & Poor's said it raised the long-term foreign-currency sovereign credit rating on the Republic of the Philippines to BB+ from BB, along with the long-term rating on its foreign-currency senior unsecured debt to BB+ from BB.

The agency also affirmed the country's long-term local-currency rating of BB+, along with its B short-term sovereign credit ratings and axBBB+/axA-2 Asean scale ratings.

The transfer and convertibility assessment was changed to BBB- from BB+.

The outlook is stable.

The upgrades reflect the country's gradually easing fiscal vulnerability, as the government's fiscal consolidation improves its debt profile and lowers its interest burden, S&P said.

The upgrades also consider the country's strengthening external position with remittances and an expanding service export sector continuing to drive current account surpluses, the agency said.

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