Time for an Upgrade

The Philippines has pitched for an investment-grade status from Standard & Poor’s Ratings Services (S&P) whose diligence visit to the country early this week was described by officials as “very positive.”

“We are a good candidate for investment grade. I am quite optimistic we will get it,” Socioeconomic Planning Secretary Arsenio Balisacan told reporters yesterday.

S&P rates the Philippines one notch below investment grade at BB+ with a “positive” outlook. The forecast suggests an upgrade could come within the year.

The New York-based debt watcher is ahead among two other major credit raters, Moody’s Investors Service and Fitch Ratings, which despite rating the country one notch  below investment grade, both pegged their outlooks at “stable.”

SOURCE: http://www.abs-cbnnews.com/business/03/14/13/ph-good-candidate-upgrade-0

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