Purisima calls for another Philippines upgrade

The country is mulling a dollar bond before elections in 2016, the head of the department of finance tells FinanceAsia.
Cesar Purisima
Cesar Purisima

The Philippines is calling for an improvement to its credit ratings from global ratings agencies given that its credit risk has declined over the last few months compared to its higher-rated peers.

“Even with the upgrades from all the credit rating agencies since Aquino became president, we are still underrated based on the implied bond ratings index based on the CDS credit default swaps of the country,” Cesar Purisima, head of the department of finance for the Philippines, told FinanceAsia in Hong Kong.

For example, the Philippines’ CDS insurance-like contracts that protect banks, hedge funds and other investors against losses on an...

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