S&P: Upgrade unlikely, may cut if reform stalls

Standard & Poor’s Global Ratings maintained its stable outlook for the Philippines’ investment grade rating for now, saying no upgrade may be expected in the next two years and that it may even cut the rating if the government reform agenda stalls.

“The stable outlook balances the Philippines’ lower middle-income economy and diminished policy stability, predictability, and accountability against its strong external position, which features rising foreign exchange reserves and low and declining external debt,” the credit rating agency said in a report released Wednesday.