Philippines Credit Rating

Current Philippines credit ratings, according to the main rating agencies, provide a snapshot of the country’s creditworthiness and financial stability. These ratings are critical for understanding how international and domestic investors perceive Philippines ability to honor its financial commitments.

The ratings are determined by comprehensive evaluations conducted by major credit rating agencies such as Standard & Poor's (S&P), Moody's, and Fitch Ratings. Each of these agencies uses a distinct rating scale and methodology to assess the economic and financial health of Philippines, taking into account various factors such as economic performance, fiscal policies, political stability, and debt levels.

The table below shows the current Philippines credit ratings, according to the 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

Philippines long-term credit ratings, as assigned by major rating agencies, offer a comparative insight into the country's creditworthiness over an extended period. Each rating agency uses its own scale to evaluate the credit risk associated with Philippines sovereign debt. These scales help investors understand the likelihood that Philippines will meet its financial obligations.

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
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Philippines Credit Ratings historical data

Not enough 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.
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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