PH gets first-ever investment grade rating
by Kathleen A. Martin, ABS-CBNnews.com
Posted at 03/27/2013 2:44 PM | Updated as of 03/27/2013 3:01 PM
MANILA -- The Philippines got its long-coveted, first-ever investment-grade debt rating on Wednesday, as Fitch Ratings gave the country a 'BBB-' with a stable outlook.
"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.
But the credit rater expects the economy to slow down to 5.5% this year, lower than government estimates of a 6-7% growth.
Two other credit raters, Standard & Poor's and Moody's Investors Service, rates the country a notch below investment grade.
S&P awarded the Philippines a BB+ with a positive outlook, while Moody's gave it Ba1 with a positive outlook
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