Monday, 29 October 2012

Philippines Is Raised by Moody’s as Investment Grade Nears

By Cecilia Yap and Max Estayo - Oct 29, 2012 3:26 PM GMT+0800

The Philippines’ debt rating was raised to the highest level since the start of 2004 by Moody’s Investors Service, bringing the Southeast Asian nation one step away from investment grade. The peso and bonds rose.

The country’s foreign and local currency long-term bond ratings were upgraded to Ba1 from Ba2, Moody’s said in a statement today. That brings the Philippines on par with Turkey and Hungary. The ratings outlook is stable.

“The writing is clearly on the wall,” said Roberto Juanchito Dispo, president of First Metro Investment Corp., one of the arrangers of the government’s record retail bond sale this month. “The Philippines is definitely on its way to becoming investment grade in due course. This will bring numerous tangible economic benefits to the country.”

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