Moody?s reviews Philippines for likely debt upgrade

Agence France-Presse

MANILA, Philippines?Moody?s Investors Service signaled Thursday it was likely to elevate the Philippine government?s debt rating to investment-grade, citing the former basket-case nation?s robust economic growth and political stability.

Two other major credit rating agencies, Standard and Poor?s and Fitch, have already upgraded Philippine government securities to investment-grade earlier this year.

?Moody?s Investors Service has placed the Ba1 foreign and local currency long-term issuer and bond ratings of the Government of the Philippines on review for upgrade,? the US ratings agency said in a statement.

The next-highest rating on its scale is ?Baa3,? considered the lowest in the investment-grade ranks.

Moody?s said a rating in the ?Baa? ranks is ?subject to moderate credit risk,? while ?Ba? rates entail ?substantial credit risk.?

The Philippines last defaulted on its foreign debt in the early 1980s.

?Exceeded Moody?s expectations?

?The Philippines? economic performance has exceeded Moody?s expectations; supporting the view that the economy will grow significantly faster than similarly rated peers over at least the next two to three years,? it said.

This growth came despite a global economic slump and with no signs that the economy was overheating or facing ?imbalances,? it added.

It credited the improvement to the reform agenda of President Benigno Aquino, who has put fighting corruption at the fore of his priorities.

Source: http://business.inquirer.net/134641/moodys-reviews-philippines-for-likely-debt-upgrade

Columbus Day 2012 carlina white Sam Champion Engaged Infield fly rule Taken 2 Venezuela Elections Skyfall