Moody’s upgrades Philippines to Baa2

Moody's Investors Service said it upgraded the rating of the Government of the Philippines by one notch to Baa2 from Baa3.

In a related rating action, the agency upgraded the government's foreign currency shelf rating to provisional Baa2 and the ratings for the liabilities of the country's central bank, Bangko Sentral ng Pilipinas, to Baa2.

The outlook on these ratings is stable.

Moody’s said the key drivers of the decision are: (a) Ongoing debt reduction, aided by improvements in fiscal management; (b) continued favorable prospects for strong economic growth; and (c) limited vulnerability to the common risks currently affecting emerging markets.

© 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.