Credit ratings agency Fitch Ratings announced that it is likely to upgrade the credit rating of the Philippines next year on the country’s strong external finances. The London-based debt watcher said external finances continue to be key credit strength for the country that enjoys high levels of remittances from overseas Filipino workers and revenue from the business process outsourcing (BPO) industry. In 2013, Fitch gave the country a credit rating of BBB-, the minimum investment grade, with stable outlook and revised the outlook to positive in September this year. Fitch said the Philippine rating could possibly be upgraded in the next 12 to 18 months.
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