Japan Credit Rating Agency upgrades Philippines’ rating to A-
Japan Credit Rating Agency (JCR) on 11 June 2020 upgraded the
Philippines’ credit rating by a notch from BBB+ to A-, citing the
country’s resilience amid a pandemic that has slowed down growth,
impaired fiscal positions and hurt credit ratings of economies
across the globe.
JCR assigned a “stable” outlook on the new rating, which indicates that the “A-” will be maintained over the near term.
“JCR holds that a downturn will be limited given the country’s
strengthened economic base, resilient external position, and the
government’s economic stimulus package totaling more than 9 percent of
GDP. JCR also considers that the fiscal soundness will
not be impaired because while the fiscal deficit may widen, the package
at this time is justifiable and the government debt will remain
comparatively subdued,” JCR said in a report on its latest credit rating
action on the Philippines.
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