Philstar
Credit watchers affirm Philippines investment grade
The Philippines has received verbal assurances from Fitch Ratings and Moody's Ratings that their outlooks on the country's economic prospects will remain unchanged despite the ongoing flood control scandal.
Budget Undersecretary Joselito R. Basilio stated that the credit rating agencies understand the scandal could lead to improvements and reforms in the country's processes.
He also mentioned that the agencies are aware of the resilience of the Philippines' domestic economy.
Fitch Ratings had previously issued a peer credit analysis highlighting the potential impact of the corruption scandal on the Philippines' growth outlook but maintained its GDP projection at 5.6%.
Fitch Ratings had affirmed the Philippines' 'BBB' long-term foreign-currency issuer default rating and 'stable' outlook in April, indicating a stable rating is expected for the next 18 to 24 months.
Moody's Ratings had last affirmed the Philippines' investment-grade 'Baa2' rating and 'stable' outlook in August of the previous year.
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