Moody’s raises RP sovereign rating to Ba3, cites resiliency

HONG KONG, July 23 (Reuters) – Moody’s Investors Service has upgraded its sovereign rating for the Philippines to Ba3 from B1, praising the country’s resilient financial system and external payments position amid difficult global conditions.

The country ceiling for foreign currency bank deposits to Ba3 from B1 and the country ceiling for foreign currency bonds were also raised to Ba1 from Ba3.

Moody’s said the “change in the foreign currency bond ceiling is based on a revised assessment of the risk of an external payments moratorium to low from moderate.”

The rating, which is now three notches below investment grade, has a stable outlook.

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