The Philippines spent more than two decades with a sovereign credit rating that remained firmly stuck at the BB level. One thing the country does not want to endure is the same time period again at the BBB level.
The government has its eyes firmly set on an A-rating and in some respects investors clearly believe it is already there based on tight secondary market trading levels.
The ratings agencies have also been moving in the same direction ever since Fitch became the first international agency to put the sovereign in the BBB bucket back in 2013. On February 11, it lifted...
¬ Haymarket Media Limited. All rights reserved.
