MANILA, Philippines – The 4th credit rating upgrade to investment grade is coming “sooner than expected,” the central bank chief said, referring to the Moody’s Investors Service.
In an interview with reporters on Friday, July 26, Bangko Sentral ng Pilipinas governor Amado Tetangco Jr. said representatives of the international credit rating agency will be visiting “next week,” and that this may result in a decision that aligns Moody’s debt rating on the Philippines with its peers.
On July 25, Moody’s announced that it has placed the credit rating of the Philippines “on review for upgrade” instead of issuing an “outlook,” which usually gives a hint how the agency will decide.
“With the statement of Moody’s yesterday, we are hoping to receive investment grade rating sooner than we earlier expected. The team will be here next week and soon after the visit, a committee meeting is expected,” Tetangco said.
“Hopefully they would even be convinced even more that the positive overall performance and the reforms are sustainable. The governance changes so far could cement economic growth on a higher trajectory,” he added.
Moody’s credit ratings on the Philippines have been previously announced around September. Moody’s has a Ba1 rating for the Philippines, a notch below investment grade.