MANILA, Philippines — Philippine shares bucked a regional uptrend to close lower on Tuesday, as investors sold on Fitch Ratings’ announcement that raised the specter of a credit rating downgrade for the country. “Philippine shares fell as Fitch Ratings maintained its investment grade ‘BBB’ credit rating for the Philippines but revised its outlook to ‘negative’ from ‘stable,’” Luis Limlingan of Regina Capital brokerage in Manila said in a market commentary. A negative outlook on the Philippines means there’s a possibility that country’s credit rating would be downgraded over the next 18 to 24 months. The last time the country's credit rating was downgraded was in 2005 amid a political crisis during the administration of Gloria Macapagal-Arroyo. A total of 1.89 billion shares valued at P5.78 billion switched hands during the trading day.

Source: Philippine Star July 13, 2021 06:45 UTC