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The Philippines has been affirmed with "BBB+" long-term and "A-2" short-term sovereign credit ratings with a stable outlook, reflecting its journey to a "solid" economic recovery.
A "BBB" rating indicates investment grade, reflecting adequate capacity to meet financial commitments amid adverse economic conditions.
Despite economic headwinds from geopolitical shocks in Ukraine and Gaza, S&P Global Ratings maintained the ratings, citing the country's robust economy, ongoing fiscal consolidation, lower budget deficit, and stabilizing debt burden.
S&P highlighted the stable balance of payments and gross international reserves of about $100 billion as strengths for the country's external position.
The agency acknowledged the current account deficits' impact on net external assets but expects a sustained recovery and controlled fiscal deficits over the next two years.
A "BBB" rating indicates investment grade, reflecting adequate capacity to meet financial commitments amid adverse economic conditions.
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