PHL deserves investment grade for sovereign credit rating – BSP exec
07/03/2011
GMA News
A Bangko Sentral ng Pilipinas (BSP) official has expressed confidence that the Philippines deserves an investment grade for its sovereign credit rating, saying that international agencies have underrated the country’s sovereign ratings.
In an interview with reporters, BSP deputy governor Diwa Gunigundo explained the findings of a BSP-commissioned study showing that the Philippines was “two to three notches underrated."
Three major international ratings firms – Moody’s Investors’ Service, Standard and Poor’s, and Fitch Ratings – have given below-investment grade credit ratings to the Philippines.
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In the first year of the Aquino administration, the Philippines also got a series of credit-rating and credit-outlook upgrades from the three agencies.
“I think we deserve a second look," Gunigundo said, “but we are not preempting what credit rating agencies should be doing because they have their own timing and they have their own basis for appreciating all of the numbers that we give. The credit rating agencies will have different appreciation of those studies that we did."
Gunigundo, however, said that given the upgrades the Philippines got in terms of credit ratings and outlook, the Philippines is moving toward the right direction.
“If the fiscal position will continue to improve and the macroeconomy, particularly the external payments position, remains strong I think we can expect a further upgrade," Guinigundo said. - PE/KBK, GMA News
In an interview with reporters, BSP deputy governor Diwa Gunigundo explained the findings of a BSP-commissioned study showing that the Philippines was “two to three notches underrated."
Three major international ratings firms – Moody’s Investors’ Service, Standard and Poor’s, and Fitch Ratings – have given below-investment grade credit ratings to the Philippines.
“I think we deserve a second look," Gunigundo said, “but we are not preempting what credit rating agencies should be doing because they have their own timing and they have their own basis for appreciating all of the numbers that we give. The credit rating agencies will have different appreciation of those studies that we did."
Gunigundo, however, said that given the upgrades the Philippines got in terms of credit ratings and outlook, the Philippines is moving toward the right direction.
“If the fiscal position will continue to improve and the macroeconomy, particularly the external payments position, remains strong I think we can expect a further upgrade," Guinigundo said. - PE/KBK, GMA News
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