Current Philippines credit ratings, according to main rating agencies.
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| Rating Agency | Rating | Outlook | Last Update | Action |
|---|---|---|---|---|
| Standard & Poor's | BBB+ | - | 30 Apr 2019 | rating upgrade |
| Moody's Investors Service | Baa2 | - | 11 Dec 2014 | rating upgrade |
| Fitch Ratings | BBB | - | 22 May 2023 | outlook upgrade |
| DBRS | - | - |
Philippines: Long-term Rating Scales Comparison
Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
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| Grade | Description | S&P | Moody's | Fitch | DBRS |
|---|---|---|---|---|---|
|
Investment Grade |
Prime |
AAA
|
Aaa
|
AAA
|
AAA
|
| High Medium Grade |
AA+
|
Aa1
|
AA+
|
AA(high)
|
|
|
AA
|
Aa2
|
AA
|
AA
|
||
|
AA-
|
Aa3
|
AA-
|
AA(low)
|
||
| Upper Medium Grade |
A+
|
A1
|
A+
|
A(high)
|
|
|
A
|
A2
|
A
|
A
|
||
|
A-
|
A3
|
A-
|
A(low)
|
||
| Lower Medium Grade |
BBB+
|
Baa1
|
BBB+
|
BBB(high)
|
|
|
BBB
|
Baa2
|
BBB
|
BBB
|
||
|
BBB-
|
Baa3
|
BBB-
|
BBB(low)
|
||
|
Speculative Grade |
Speculative |
BB+
|
Ba1
|
BB+
|
BB(high)
|
|
BB
|
Ba2
|
BB
|
BB
|
||
|
BB-
|
Ba3
|
BB-
|
BB(low)
|
||
| Highly Speculative |
B+
|
B1
|
B+
|
B(high)
|
|
|
B
|
B2
|
B
|
B
|
||
|
B-
|
B3
|
B-
|
B(low)
|
||
| Substantial Risk |
CCC+
|
Caa1
|
CCC+
|
CCC(high)
|
|
|
CCC
|
Caa2
|
CCC
|
CCC
|
||
|
CCC-
|
Caa3
|
CCC-
|
CCC(low)
|
||
| Extremely Speculative |
CC
|
Ca
|
CC
|
CC
|
|
|
C
|
C
|
C
|
C
|
||
| In Default |
RD
|
/
|
RD
|
RD
|
|
|
SD
|
/
|
SD
|
SD
|
||
|
D•NR
|
D•NR
|
D•NR
|
D•NR
|
||
Philippines Credit Ratings historical data
Timetable of Philippines credit ratings by S&P, Moody's, Fitch and DBRS agencies.
Symbol means a positive outlook assigned by the rating agency.
Symbol means a negative outlook.
Swipe left to see all data
| Date | S&P | Moody's | Fitch | DBRS |
|---|---|---|---|---|
| 22 May 2023 | BBB | |||
| 12 Jul 2021 | BBB | |||
| 7 May 2020 | BBB | |||
| 11 Feb 2020 | BBB | |||
| 30 Apr 2019 | BBB+ | |||
| 26 Apr 2018 | BBB | |||
| 10 Dec 2017 | BBB | |||
| 24 Sep 2015 | BBB- | |||
| 11 Dec 2014 | Baa2 | |||
| 8 May 2014 | BBB | |||
| 3 Oct 2013 | Baa3 | |||
| 25 Jul 2013 | Ba1 | |||
| 2 May 2013 | BBB- | |||
| 27 Mar 2013 | BBB- | |||
| 20 Dec 2012 | BB+ | |||
| 29 Oct 2012 | Ba1 | |||
| 4 Jul 2012 | BB+ | |||
| 29 May 2012 | Ba2 | |||
| 16 Dec 2011 | BB | |||
| 23 Jun 2011 | BB+ | |||
| 15 Jun 2011 | Ba2 | |||
| 6 Jan 2011 | Ba3 | |||
| 12 Nov 2010 | BB | |||
| 23 Jul 2009 | Ba3 | |||
| 24 Jan 2008 | B1 | |||
| 2 Nov 2006 | B1 | |||
| 12 Feb 2006 | BB | |||
| 9 Feb 2006 | BB- | |||
| 13 Jul 2005 | B1 | |||
| 11 Jul 2005 | BB- | |||
| 10 Jul 2005 | BB | |||
| 26 May 2005 | BB | |||
| 16 Feb 2005 | B1 | |||
| 17 Jan 2005 | BB- | |||
| 7 Dec 2004 | BB | |||
| 27 Jan 2004 | Ba2 | |||
| 12 Jun 2003 | BB | |||
| 24 Apr 2003 | BB | |||
| 8 Jan 2003 | Ba1 | |||
| 28 Oct 2002 | BB+ | |||
| 3 Apr 2002 | BB+ | |||
| 3 Feb 2002 | Ba1 | |||
| 3 May 2001 | Ba1 | |||
| 17 Jan 2001 | BB+ | |||
| 19 Oct 2000 | BB+ | |||
| 8 Jul 1999 | BB+ | |||
| 6 Jan 1999 | BB+ | |||
| 23 Feb 1998 | BB+ | |||
| 26 Sep 1997 | BB+ | |||
| 18 May 1997 | Ba1 | |||
| 21 Feb 1997 | BB+ | |||
| 23 Jan 1997 | Ba2 | |||
| 30 May 1995 | BB | |||
| 12 May 1995 | Ba2 | |||
| 2 Nov 1994 | BB- | |||
| 2 Jul 1993 | BB- | |||
| 1 Jul 1993 | Ba3 |