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Article: Fitch upgrades RP 'country ceilings'.(Business News)
- Article from:
- Manila Bulletin
- Article date:
- August 19, 2006
CopyrightCOPYRIGHT 2006 Manila Bulletin Publishing Corp. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: LEE C. CHIPONGIAN
Fitch Ratings upgraded by a notch the Philippines' "country ceilings" from "BB" to "BB+" as part of its regular and ongoing review of its criteria and methodologies.
Country ceilings are not ratings, but are "key analytical inputs" on the foreign currency ratings of sovereigns. Country ceilings, as explained by Fitch, measure the risk of exchange controls that "impede the private sector's ability to convert local into foreign currency and transfer to non-resident creditors, or the transfer and convertibility (T&C) risk."
In a report, the credit rating firm said it has revised the country ceilings of 40 countries out ...