The Philippines secured a full investment-grade credit rating yesterday after Moody’s fell into line with other major rating agencies and upgraded the country by one notch to Baa3 from Ba1.
The rating agency said its decision reflected a “structural shift to higher growth”.
The Philippines has enjoyed 47 consecutive quarters of positive economic growth, with gross domestic product expanding by 6.8% during 2012 and by 7.6% in the first half of 2013. Helped by low inflation and low interest rates, the country is growing faster than most of the rest of the world.
Moody’s upgrade means that the Philippines now has an investment-grade rating...