S&P affirms RP "BB" rating

S&P affirms RP "BB" rating

MANILA: International rating outfit Standard and Poor's (S&P) said Thursday it is affirming the Philippines's "BB" long-term foreign currency rating, while downgrading its long-term local currency rating a notch to "BBB minus".

The decision to affirm the long-term foreign currency rating takes into account the Philippines' continued satisfactory external liquidity position, underpinned by the stable inflow of overseas remittances, it said in a statement. -- AFP