S&P maintains RP debt rating

S&P maintains RP debt rating

SINGAPORE: Standard and Poors (S&P) said on Monday that it was maintaining its BB long-term sovereign debt rating for the Philippines despite the failed weekend mutiny against President Gloria Arroyo.

Takahira Ogawa, the agency's Asia-Pacific director for sovereign ratings, said the revolt by some 300 men who seized a commercial complex in the Makati financial district might not be significant in the long term.

S&P looks at the quality of the government and the size of the mutiny is not significant, he told journalists.

"We don't see it (affecting) the debt payments of the Philippines," he said.

But he added that "if there are more developments that call for a re-rating then we will review it."

The mutiny might have an effect on foreign exchange and foreign direct investment, but no so much on the credit rating, Ogawa said. -- AFP