from: Rappler.com
MANILA, Philippines - The Philippines won its first ever investment grade debt rating from global credit rating firm Fitch.
By upgrading the Philippines' sovereign credit rating to BBB- from BB+, Fitch gives the Philippines a vote of confidence and marks the first time the Philippines, once a basket case in Asia, joins the A-lister countries considered safe to invest in.
In a statement on Wednesday, March 27, Fitch added a stable outlook and cited a robust economy and improved fiscal management.
"The Philippine economy has been resilient, expanding 6.6% in 2012 amid a weak global economic backdrop. Strong domestic demand drove this outturn," Fitch said.
Fitch was the first among the other international credit rating firms -- Standard & Poor's (S&P) and Moody's Investors Service, which still rates the country one notch below investment grade. S&P currently rates the Philippines a BB+ market, while Moody's gave it a Ba1.
What a credit rating means
An investment grade is a seal of good housekeeping. It tells investors it is safe to do business in the country, and encourages them to put huge capital here.
An investment grade means the Philippines, as a borrowing country, has a strong ability to pay its debt. This lowers its borrowing costs, generating savings, which may be spent for social services. For Filipinos, it means better education and health care, and affordable loans for major purchases.
link to source: http://www.rappler.com/business/economy-watch/24936-a-first-investment-grade-rating-for-ph
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