MANILA (2ND UPDATE) -- The Philippines got its first long-coveted investment-grade rating on Wednesday, as Fitch Ratings gave the country a 'BBB-' with a stable outlook.
An investment grade status opens up the country to more investments that can lead to additional jobs and funds for infrastructure, and help create sustainable economic growth.
"The Philippine economy has been resilient, expanding 6.6% in 2012 amid a weak global economic backdrop. Strong domestic demand drove this outturn," Fitch said in a statement. (For the full statement, click here.)
But the credit rater expects the economy to slow down to 5.5% this year, lower than government estimates of a 6-7% growth.
Fitch lauded the improvements in Philippines' fiscal management that began under former President Gloria Macapagal-Arroyo that made "general government debt dynamics more resilient to shocks."
These improvements, the debt watcher said, made the country's strong economic and moderate budget deficits in line with investment-grade status.....
source: http://www.abs-cbnnews.com/business/03/27/13/ph-gets-first-ever-investment-grade-rating
No comments:
Post a Comment