Philippine Stocks, Peso, Bonds Advance After S&P Rating Upgrade
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Philippine stocks surged to a record as the peso and bonds extended gains after the nation won its second investment-grade debt rating.
The benchmark Philippine Stock Exchange Index advanced 1.7 percent to 7,215.35 at the close in Manila. The nation’s long-term foreign currency-denominated debt rating was raised to BBB-from BB+, with a stable outlook, Standard & Poor’s said yesterday, citing an improving external profile, strengthening public finances and cooling inflation. Fitch Ratings Ltd. raised the Philippines to investment grade on March 27.