Analyst: Philippine credit rating due for upgrade
Robert Rountree, a Singapore-based global market strategist for Prudential Asset Management, believes that the Philippine credit rating should be upgraded because it is lower than what the current strong and solid fundamentals require. He added that the domestic market has been performing well and that the record level performance of the Philippine Stock Exchange Index reflects robust savings, investments, and capital inflows from both domestic and foreign investors. He said the country should attain an upgrade of “a notch or two,” especially after Standard and Poor’s (S&P) improved its outlook from stable to positive. Moody’s Investor Service and S&P rate the country “BB” and “Ba2,” respectively, two notches below investment grade. But Fitch Ratings pegs the country at “BB+”, or an “adequate” perception of the ability of the national government to pay its debts. One more upgrade will certify the Philippines as investment grade.
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