Philippines Wins Fitch Upgrade in Boost for Duterte's Plans
- Sovereign credit rating raised to BBB, ahead of Indonesia
- Economy to expand 6.8% in 2018, among fastest in Asia
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Fitch Ratings raised the Philippines’ sovereign rating by one level, providing an endorsement of President Rodrigo Duterte’s economic plans, which include a tax reform aimed at strengthening the fiscal outlook.
The rating on the nation’s long-term foreign currency-denominated debt was raised to BBB with a stable outlook, Fitch said in a statement on Monday. The upgrade puts the Philippines on par with Italy and ahead of Indonesia.