S & P overrated, says Duterte ally

Days after President Rodrigo Duterte said he does not care about Standard and Poor’s Financial Services LLC (S&P’s) assessment of his administration’s initial performance, a member of the Philippine Congress described the global credit rating agency as “somewhat overrated.”

“While S&P to a certain degree helps fund managers rationalize and feel good about their investments, what the agency has to say about the credit-worthiness of a government or a corporation is far from gospel truth,” Surigao del Sur Rep. Johnny Pimentel, a member of the House economic affairs committee, said in a statement on Monday.