October 06, 2013

Moody’s upgrades Philippnes

Moody’s Investors Service raised its debt rating for the Philippines by one level to Baa3 with a positive outlook, it said in a statement today. Standard & Poor’s and Fitch Ratings have BBB- ratings for the nation, having boosted their assessments in May and March, respectively. The peso climbed 0.7 percent to 43.08 per dollar, the biggest gain since Sept. 19.

The Philippine Stock Exchange Index reversed an earlier loss, rising 0.4 percent to 6,387.65 at the close of trading. The yield on local-currency government debt due October 2037 fell 20 basis points to 5.30 percent, Tradition Financial Services prices show. The rate on dollar bonds due January 2021 dropped seven basis points to 3.37 percent, the lowest since July, based on data compiled by Bloomberg. - WealthSec