THE local bourse returned to the red on Tuesday after Fitch Ratings downgraded its Philippine outlook to "negative" from "stable." Claire Alviar, Philstocks Financial Inc. research associate, said the revised Fitch Ratings bore negative sentiment as the country's credit rating could also be downgraded. Fitch Ratings on Monday revised its Philippine outlook to "negative" from "stable" due to the prolonged impact of the Covid-19 pandemic. Meanwhile, Fitch maintained its "BBB" credit rating for the country. Managing Director Luis Limlingan concurred with Alviar and Mangun and cited the recent Fitch revision as culprit for Tuesday's slump.

Source: Manila Times July 13, 2021 17:15 UTC