MANILA, Philippines — Moody’s Investors Service gave Philippines its clearest warning yet against how the year-long pandemic can lower its most-prized investment grade rating, one that economic managers have gone through lengths to protect. “(The) spike in coronavirus infections delays economic recovery, a credit negative,” Moody’s said in a research note on Monday. “The renewed measures will delay economic recovery, weigh on prospects for fiscal consolidation and exacerbate social risks,” it added. Moody’s currently rates the Philippines Baa2, an investment grade, with stable outlook last affirmed in July 2020. Moody’s Analytics, a separate firm under the Moody’s Group, warned the Philippines is at risk of another recession after last year’s 9.5% slump.

Source: Philippine Star March 29, 2021 06:26 UTC