Fitch Ratings – one of the Big Three credit rating agencies together with Moody’s and Standard & Poor’s – has upgraded the Philippines’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to ‘BBB’ from ‘BBB-‘ with Stable outlook.
Among the key rating drivers are “strong and consistent macroeconomic performance has continued, underpinned by sound policies that are supporting high and sustainable growth rates,” Fitch said in a statement.
It added that investor sentiment has also remained strong, which is evident from solid domestic demand and inflows of foreign direct investment.
“As such, there is no evidence so far that incidents of violence associated with the administration’s campaign against the illegal drug trade have undermined investor confidence,” Fitch noted.
The credit rating agency is also expecting the Philippines’ fiscal profile to improve as a result of the government’s tax reform initiative.
“The Stable Outlook reflects Fitch’s assessment that upside and downside risks to the rating are balanced,” Fitch said.
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