Fitch affirms PH investment grade rating

MANILA, Philippines — The Philippines’ “investment grade” status was affirmed by Fitch on Tuesday, citing the country’s strong macroeconomic fundamentals.

In a statement, Fitch Ratings said its outlook for the Philippines’ sovereign debt rating was “stable,” which meant the country’s grade would likely stay where it has been for the next 12 to 18 months.

Fitch’s BBB- grade for the country’s long-term foreign and local currency IOUs is the firm’s minimum “investment grade” rating.

“The Philippines has maintained strong economic growth, underpinned by a steady inflow of overseas Filipino remittances, the expansion of the business process outsourcing sector, and low interest rates,” Fitch said.

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