Moody’s affirms Philippines at Baa2

Moody's Investors Service said it affirmed the Government of the Philippines' Baa2 long-term issuer and senior unsecured debt ratings and maintained the stable outlook.

Moody’s said the affirmation and stable outlook balance positive and negative factors. On the positive side, the agency expects that the Philippines' economic performance will remain strong while debt consolidation will continue and foster further convergence of key fiscal metrics versus corresponding peer medians.

Set against that positive trend, domestic political developments could potentially undermine institutional strength and economic performance. Moreover, while broad macroeconomic stability has been maintained so far, a number of metrics indicate material capacity constraints that signal a risk of overheating, Moody’s explained.

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