Fitch Ratings said the Philippines should attract more investments and accelerate growth of the overall economy to get another credit-rating lift and hit investment grade.
Andrew Colquhoun, Fitch head for Asia Pacific sovereigns, said the country could get another credit-rating upgrade within the short term, given favorable developments, such as the improving fiscal situation of the government, benign inflation, and relatively stable banking sector.
However, he said the outlook on the latest credit rating for the Philippines has been “stable” rather than “positive” because the country should still show it could further speed up growth of its economy, largely through investments, so that the average income of Filipinos eventually match those of other emerging economies.
For the rest of the story by the Phil. Daily Inquirer, click here.
What I find most concerning is the speed and willingness with which S&P moved to downgrade the States compared to the way they looked the other way for years leading up to and during the credit crunch. It appears they were on one agenda then and a different one now – but what? Is this evidence of the 'banker wars' rumours that are floating around?