December 10, 2017 / 11:26 PM / a year ago

Fitch upgrades Philippines rating to 'BBB'

Dec 11 (Reuters) - Ratings firm Fitch upgraded Philippines Long-Term Foreign-Currency Issuer Default Rating to ‘BBB’ from ‘BBB-‘ on Monday, citing continued strong macroeconomic performance and sound policies supporting high and sustainable growth rates.

“There is no evidence so far that incidents of violence associated with the administration’s campaign against the illegal drug trade have undermined investor confidence,” Fitch said.

Fitch‍ forecast real GDP growth of 6.8 percent for the Philippines in 2018 and 2019 and said it would maintain its place among the fastest-growing economies in the Asia-Pacific​ region.

Reporting by Sangameswaran S in Bengaluru; Editing by Paul Tait

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