Philippines Credit Rating trends, research and data
This page includes the government debt credit rating and outlook of Philippines as reported by the credit rating agencies of S&P, Moody’s and Fitch. Credit rating agencies are often slow to respond to rising risk conditions. Sign up free to monitor Philippines’s sovereign risk using MacroVar Advanced Financial & Macroeconomic data analytics.
| Date | Rating | Outlook | Indicator |
|---|---|---|---|
| 15-09-22 | Baa2 (Stable) | Baa2 | Philippines Credit Rating (Moody's) |
| 16-07-20 | Baa2 (Stable) | Baa2 | Philippines Credit Rating (Moody's) |
| 07-05-20 | BBB | BBB | Philippines Credit Rating (Fitch) |
| 11-02-20 | BBB | BBB | Philippines Credit Rating (Fitch) |
| 30-05-19 | BBB | BBB | Philippines Credit Rating (Fitch) |
| 30-04-19 | BBB+ (Stable) | BBB+ | Philippines Credit Rating (S&P) |
| 19-12-18 | BBB | BBB | Philippines Credit Rating (Fitch) |
| 20-07-18 | Baa2 (Stable) | Baa2 | Philippines Credit Rating (Moody's) |
| 17-07-18 | BBB (Stable) | BBB | Philippines Credit Rating (Fitch) |
| 26-04-18 | (Positive) | Philippines Credit Rating (S&P) | |
| 10-12-17 | BBB (Stable) | BBB | Philippines Credit Rating (Fitch) |
| 27-06-17 | Baa2 (Stable) | Baa2 | Philippines Credit Rating (Moody's) |
| 29-03-17 | BBB- (Positive) | BBB- | Philippines Credit Rating (Fitch) |
| 22-07-16 | BBB- (Positive) | BBB- | Philippines Credit Rating (Fitch) |
| 08-04-16 | BBB- (Positive) | BBB | Philippines Credit Rating (Fitch) |
| 24-09-15 | BBB- (Positive) | BBB | Philippines Credit Rating (Fitch) |
| 17-03-15 | BBB- | BBB | Philippines Credit Rating (Fitch) |
| 11-12-14 | Baa2 (Stable) | Baa2 | Philippines Credit Rating (Moody's) |
| 08-05-14 | BBB (Stable) | BBB | Philippines Credit Rating (S&P) |
| 25-03-14 | BBB- (Stable) | BBB | Philippines Credit Rating (Fitch) |
| 16-01-14 | BBB- (Stable) | BBB | Philippines Credit Rating (Fitch) |
| 03-10-13 | Baa3 (Positive) | Baa3 | Philippines Credit Rating (Moody's) |
| 25-07-13 | (Under Review) | Philippines Credit Rating (Moody's) | |
| 02-05-13 | BBB- (Stable) | BBB- | Philippines Credit Rating (S&P) |
| 27-03-13 | BBB- (Stable) | BBB | Philippines Credit Rating (Fitch) |
Philippines Credit Rating Analysis
The credit rating signal from each credit rating agency for the sovereign debt of Philippines and it’s meaning is presented in the table below.
| S&P | Moody’s | Fitch | Analysis |
| AAA | Aaa | AAA | Prime |
| AA+ | Aa1 | AA+ | High grade |
| AA | Aa2 | AA | |
| AA- | Aa3 | AA- | |
| A+ | A1 | A+ | Upper medium grade |
| A | A2 | A | |
| A- | A3 | A- | |
| BBB+ | Baa1 | BBB+ | Lower medium grade |
| BBB | Baa2 | BBB | |
| BBB- | Baa3 | BBB- | |
| BB+ | Ba1 | BB+ | Non-investment grade speculative |
| BB | Ba2 | BB | |
| BB- | Ba3 | BB- | |
| B+ | B1 | B+ | Highly speculative |
| B | B2 | B | |
| B- | B3 | B- | |
| CCC+ | Caa1 | CCC | Extremely speculative |
| CCC | Caa2 | ||
| CCC- | Caa3 | In Default with small probability of recovery | |
| CC | Ca | ||
| C | C | ||
| D | / | DDD | In default |