The Philippines received its first investment grade debt rating from Fitch Ratings, a global credit rating firm. Through this promotion, Fitch communicates its confidence in the nation, deeming it safe for investments.
Online PR News – 26-June-2013 – Makati, Philippines – There’s never been a better time to think about investing in the Philippines. The Philippines received its first investment grade debt rating from Fitch Ratings, a global credit rating firm, upgrading the Long-Term Foreign-Currency Issuer Default Rating (IDR) from BB+' to BBB-, and the Long-Term Local-Currency IDR upgraded from BBB to BBB-. Through this promotion, Fitch communicates its confidence in the nation, deeming it safe for investments.
According to Fitch, “The Philippine economy has been resilient, expanding 6.6% in 2012 amid a weak global economic backdrop.” An affirmation of good governance and strong economic growth, the investment grade rating makes way for more sources of financing for Philippine businesses, reduced borrowing costs and increased investment and job creation. The lower costs for government debt will free funds for social services, infrastructure and other areas that will enable further economic development and drive foreign investments in the Philippines.
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