Philippines gets first-ever investment grade
MANILA (AP) — The Philippines got its first ever investment grade on Wednesday, March 27 as Fitch Ratings gave the county a ‘BBB-’ from BB+ with a stable outlook.
Fitch cited the Philippines’ strong sovereign external balance and persistent current account surplus. The economy has expanded 6.6 percent in 2012 and Fitch expects 5.5 percent growth this year.
President Benigno Aquino III said the upgrade would lower interest on debt and increase investments. He said it was an affirmation of his good governance agenda and economic reform.