Debt watcher Moody’s Investors Service on Thursday affirmed the Philippines’ “Baa2” investment grade rating even as it further slashed its economic forecast for the country. The rating was assigned with a “stable” outlook, which means the rating is likely to remain unchanged within the next 12 to 18 months. “This strengthening in credit metrics, anticipated and reflected in successive upgrades in the Philippines’ rating between 2009 and 2014, support Moody’s view that the sovereign will be resilient to shocks such as the coronavirus pandemic,” it said. The credit rater’s latest outlook is a downward revision of its previous estimate of -2 percent. Beyond 2020, Moody’s expects government debt to stabilize through gradual fiscal consolidation,” Moody’s said.

Source: Manila Times July 16, 2020 18:10 UTC