Moody's upgrades Philippines, outlook stable
06/15/2011
MANILA, Philippines - Debt watcher Moody's Investors Service has upgraded the Philippines' sovereign rating, with a stable outlook, on progress made in fiscal consolidation, sustained macroeconomic stability and strength in external payment position.
Moody's said in a statement that it upgraded the country's Ba3 foreign and local currency long-term bond ratings by one notch to Ba2 from Ba3.
Ba2 is classified as non-investment grade speculative debt and still two notches below investment grade.
Finance Secretary Cesar Purisima said the upgrade affirms the government's economic agenda, particularly efforts to trim the budget deficit.
"We are now one step closer to our goal of attaining investment grade rating, which is crucial in further lowering our borrowing costs and attracting more FDIs (foreign direct investments)," Purisima said in a text message to reporters. - With a report from Reuters
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