S&P upgrades RP outlook

S&P upgrades RP outlook

NEW YORK (AFP): The U.S. agency Standard and Poor's on Wednesday raised its outlook on the Philippines' long-term credit rating from negative to stable, citing continued export growth and financial reform.

At the same time it maintained its long- and short-term assessments on the country's local and foreign currency debt ratings.

Standard and Poor's said export growth of nearly 18 percent last year led to a small current account surplus, thereby reducing the external financing needs of the Philippines.

In addition, it said, reforms to shore up the banking and public finance sector, along with trade liberalization, "have allowed the country to withstand a precipitous loss of private foreign capital... without a contraction in output."

The agency also credited the country with "a relatively stable and open political system."