Business Services Industry
FITCH RATINGS MAINTAINS STABLE OUTLOOK FOR PHILIPPINES.
AsiaPulse News, July, 2002
MANILA, July 2 Asia Pulse - London-based Fitch Ratings, one of four major international risk rating firms, saw no merit in upgrading the country's international credit stature this year and maintained its "stable" outlook on the economy.
The country's sovereign rating, as far as long-term foreign currency debts are concerned, remained at "BB " while short-term foreign currency denominated debts remain at a "B" rating.
It classified the government's long-term peso-denominated IOUs as a "BBB minus" or of investment quality.
Fitch Ratings said the change in political leadership over a year ago restored investor and business confidence and pre-empted capital flight.
Despite a severe external shock that saw current external receipts drop by 16...
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