Philippine debt rating up

Philippine debt rating up

MANILA (AFP): Standard and Poor's revised its rating of
Philippines' foreign debt from "stable" to positive due to
economic reforms and improved political outlook achieved under
President Fidel Ramos, the agency said in a statement yesterday.

S and P said it "affirms its 'BB-minus' rating of foreign
currency debt of the ... Philippines and changes the rating
outlook to positive from stable," adding that an implied "BBB"
rating, also positive, had been assigned to Philippines' long-
term local-currency debt.

As a result of this, the outlook for the "BB-minus" foreign
currency ratings of the government's National Power Corp. and the
Philippine Long Distance and Telephone Co. (PLDT), the country's
dominant carrier, had also been revised "to positive from
stable."

S and P credited this to the Ramos government's improved
relations with congress, making it more likely for economic
reforms to be passed as well as to the improved political
situation that had boosted foreign investor confidence in the
country.