{
    "success": true,
    "data": {
        "id": 1525457,
        "msgid": "sp-raises-philippine-rating-1447893297",
        "date": "1997-02-22 00:00:00",
        "title": "S&P raises Philippine rating",
        "author": null,
        "source": "AFP",
        "tags": null,
        "topic": null,
        "summary": "S&P raises Philippine rating MANILA (AFP): U.S. credit rating agency Standard and Poor's Friday raised the Philippines' sovereign long-term foreign currency debt rating to \"BB plus,\" from \"BB,\" and said the outlook was positive. The upgrade, which covers US$4.4 billion of sovereign obligations, reflects improvements in public finances, a rapidly diminishing foreign debt burden, and increasingly favorable prospects for output and exports, the agency said in a statement.",
        "content": "<p>S&amp;P raises Philippine rating<\/p>\n<p>MANILA (AFP): U.S. credit rating agency Standard and Poor's<br>\nFriday raised the Philippines' sovereign long-term foreign<br>\ncurrency debt rating to \"BB plus,\" from \"BB,\" and said the<br>\noutlook was positive.<\/p>\n<p>The upgrade, which covers US$4.4 billion of sovereign<br>\nobligations, reflects improvements in public finances, a rapidly<br>\ndiminishing foreign debt burden, and increasingly favorable<br>\nprospects for output and exports, the agency said in a statement.<\/p>\n<p>Two of the country's largest firms -- Philippine Long Distance<br>\nTelephone Co. (PLDT) and the state-run National Power Corp. (NPC)<br>\n-- also clinched long-term foreign currency debt upgrades both<br>\nfrom \"BB\" to \"BB plus\" as a result of the improved Philippine<br>\nsovereign rating.<\/p>\n<p>Standard and Poor's said the Philippines' sovereign ratings<br>\n\"remain constrained by the challenge of broadening the public<br>\nsector's revenue base,\" and that further upgrades were contingent<br>\non the passage in Congress of the remaining portions of a<br>\ncomprehensive tax reform package.<\/p>\n<p>Aides of President Fidel Ramos, who wants the country to<br>\nobtain an investment-grade rating before his term ends on June<br>\n30, 1998, said earlier this week that Congress aimed to pass<br>\nthese components by May 1.<\/p>\n<p>They include the simplification of the individual income tax<br>\nstructure and amendments to the corporate tax which would plug<br>\nloopholes blamed for low collection rates.<br>\nThe sovereign peso-denominated debts of about 10.7 billion<br>\ndollars also received an upgrade to \"A minus\" long term and \"A-1\"<br>\nshort term from \"BBB plus\" and \"A-2\" respectively, the US agency<br>\nsaid.<\/p>\n<p>The Central Bank of the Philippines' long-term, foreign<br>\ncurrency and local currency credit rating were also raised to \"BB<br>\nplus\" and \"A minus,\" respectively, in accordance with the<br>\nsovereign upgrade.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/sp-raises-philippine-rating-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}