Moody’s Upgrades PH Credit Rating
Moody’s Upgrades PH Philippine Credit Rating Up To ‘Ba1’ From ‘Ba2’
Moody’s Investors Service on Monday upgraded the Philippines’ credit rating to “Ba1” from “Ba2,” citing improved economic performance and fiscal flexibility.
Moody’s is the last of the three international credit firms, which includes Standard & Poor’s and Fitch, to improve the country’s bond ratings that are now just a notch below investment grade.
Bangko Sentral ng Pilipinas (BSP) Governor Amando M. Tetangco Jr. said the government’s “prudent approach” to external financial management has yielded a “more manageable and sustainable external debt position.”
“In fact, the Philippines is one of the few sovereigns among its rating peers to be a net external creditor, with official foreign exchange reserves exceeding the country’s gross external debt,” said Tetangco. “With this rating action from Moody’s, the Philippines’ long-term foreign currency rating from the three major credit rating agencies (Moody’s, S&P and Fitch) are now all aligned at one notch below investment grade.”
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