Philippines Wins Nine-Year High Credit Rating
July 5 , 2012
Standard & Poor’s, the world’s leading credit rating agency, raised the debt rating of Philippines to BB+, the highest in the past nine years. The Foreign Currency Rating of the Republic of Philippines went up one notch from BB to BB+ and is only one step away from investment levels. The outlook on the rating was also declared stable. Philippine rating is not at par with neighboring Indonesia. News of the credit rating revision pushed up the Philippine Peso to 41.72 against the US Dollar, the highest it has been in the past four years.