S&P May Raise Philippine Debt Rating to Investment Grade in 2013

The Philippines may win its first investment-grade credit rating next year as Standard & Poor’s raised the outlook on the nation’s debt to positive, citing improved governance and public finances.

S&P boosted the outlook on the nation’s long-term and short-term foreign-currency denominated debt from stable to positive, it said in a statement today. The long-term rating was kept at BB+, the highest junk level.