Philippines investment grade rating kept at BBB
A debt watcher based in Korea, NICE Investors Service, has maintained its credit rating for the Philippines at ‘BBB’. This is above minimum investment grade. NICE cited the country’s tax reform and infrastructure spending gains, even as price increases continue. The rating of ‘BBB’ is a notch higher than the minimum investment grade and also comes with a ‘stable’ outlook. The rating applies to the country’s long-term foreign currency borrowings, while a ‘BBB+’ rating is given to loans denominated in the local currency. Finance Secretary Carlos Dominguez III credited the country’s decisive leadership that implemented game-changing reforms in policy-making, tax administration, and infrastructure modernization in pursuit of high and inclusive growth.
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