Fitch upgrades Philippines | Bangkok Post: news

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Fitch upgrades Philippines

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MANILA - Fitch Ratings said Wednesday that it had promoted the Philippines credit rating to investment grade, citing the nation's resilient economy and improved fiscal management. 

The hike was the first to investment grade by any of the three major ratings agencies, in an endorsement of political and economic reforms by President Benigno Aquino's nearly three-year-old administration.

"The Philippine economy has been resilient, expanding 6.6 percent in 2012 amid a weak global economic backdrop," the agency said in a statement posted on its website that announced the upgrade.

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