The Philippines got another boost in its credit-worthiness with Moody’s Investors Service revising its outlook on the country’s rating from “stable” to “positive,” indicating likelihood of a ratings upgrade within the short term.
In a statement on Tuesday, Moody’s cited the Philippine government’s declining debt burden, improving revenue collection, and comfortable level of foreign-currency liquidity in its decision.
The “positive” outlook is assigned to the country’s existing Ba2 rating, which is two notches below investment grade. Said outlook normally is followed by an actual upgrade in the credit rating should existing macroeconomic trends are sustained.
“The government of the Philippines has continued to demonstrate prudence in its fiscal management, as characterized by low budget deficits relative to its rating peers and a steadily declining level of debt relative to GDP (gross domestic product),” Moody’s said.
Thief justice removed and a pending credit rating upgrade...
Good job, PNoy!