S&P: Improving global economy a boon to PH
By Michelle V. Remo
An improving global economy and favorable local developments are increasing the Philippines’ chances of getting an investment grade soon, according to ratings agency Standard and Poor’s.
An improving global economy and favorable local developments are increasing the Philippines’ chances of getting an investment grade soon, according to ratings agency Standard and Poor’s.
The year 2012 is claimed to be one of the best years ever for the Philippine economy, with the gross domestic product expected to surpass the government’s target of 5 to 6 percent and the stock market ending the year on its 38th record high, making it the second-best performing market in Asia behind Thailand.
The Bangko Sentral ng Pilipinas has expressed optimism that foreign direct investments will increase in 2013, citing the country’s improving macroeconomic fundamentals and prospects of an upgrade in its credit rating. “We are quite optimistic about FDIs due to reports by investment promotion agencies on interest among foreign firms to relocate to the Philippines or [...]
Standard and Poor’s raised its outlook on the Philippines’ credit rating to “positive” from “stable” on Thursday, boosting the prospects of a long-sought investment-grade rating as early as next year.
Standard & Poor’s Rating Services has raised the long-term corporate credit rating of Manila Electric Co. (Meralco), the country’s biggest power distributor, to BB- from B+ due to the utility’s improved business and financial risk profiles.
The international ratings agency Moody’s cut France’s top credit rating by one notch to “Aa1″ Monday and maintained a negative outlook, meaning that another downgrade was possible.
A bond issue of real estate giant Ayala Land Inc. on Thursday received the highest credit rating from a local debt watcher, which said the property developer’s strong financial performance made the securities attractive investment options.
Credit watcher Moody’s Investor Service has raised its rating for Philippine Long Distance Telephone Co. (PLDT) to a notch above the basic investment grade, recognizing the phone firm’s position as the country’s biggest telecommunications firm.
Moody’s Investors Service upgraded the credit ratings of several large private and government firms in the country, saying factors that led to the improved credit standing of the Philippine government have the same positive impact on the financial performance of the companies.
The peso inched up on Tuesday following the move of Moody’s Investors Service to upgrade the credit rating of the Philippines to just one notch below investment grade.
Legislators on Tuesday lauded the upgrade of the country’s credit rating to a notch below investment grade by Moody’s Investors Service, saying that this indicated an improvement in the way global investors perceive the Philippine economy.
An international agency has raised the credit rating of the Philippines from two notches to just one notch below investment grade, a positive development for the country amid global economic woes.
