S&P upgrades Philippines

S&P said it raised a long-term sovereign credit rating on the Philippines to BBB+.

The agency also said it affirmed the A-2 short-term credit rating on the Philippines.

The Philippines has above-average economic growth, healthy external position and sustainable public finances, S&P said.

These strengths will underpin the sovereign's improved creditworthiness, the agency said.

The stable outlook reflects a view that the Philippines economy will maintain its strong momentum over the medium term, along with contained fiscal deficits and stable public indebtedness, S&P said.

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