Philippines Credit Ratings & Outlooks

Country	Moody's	S&P	Fitch	DBRS	Scope Ratings
Philippines	Baa2 Stable	BBB+ Positive	BBB Stable	NR	NR

Credit Rating History

Country	Date of Change	Rating Agency	Previous Rating	Previous Outlook	Current Rating	Current Outlook
Philippines	Nov 25, 2024	S&P	BBB+	Stable	BBB+	Positive
Philippines	May 22, 2023	Fitch	BBB	Negative	BBB	Stable
Philippines	Jul 12, 2021	Fitch	BBB	Stable	BBB	Negative
Philippines	May 07, 2020	Fitch	BBB	Positive	BBB	Stable
Philippines	Feb 11, 2020	Fitch	BBB	Stable	BBB	Positive
Philippines	Apr 30, 2019	S&P	BBB	Positive	BBB+	Stable
Philippines	Apr 26, 2018	S&P	BBB	Stable	BBB	Positive
Philippines	Dec 10, 2017	Fitch	BBB-	Positive	BBB	Stable
Philippines	Sep 24, 2015	Fitch	BBB-	Stable	BBB-	Positive
Philippines	Dec 11, 2014	Moody's	Baa3	Positive	Baa2	Stable
Philippines	May 08, 2014	S&P	BBB-	Stable	BBB	Stable
Philippines	Oct 03, 2013	Moody's	Ba1	Positive Watch	Baa3	Positive
Philippines	Jul 25, 2013	Moody's	Ba1	Stable	Ba1	Positive Watch
Philippines	May 02, 2013	S&P	BB+	Positive	BBB-	Stable
Philippines	Mar 27, 2013	Fitch	BB+	Stable	BBB-	Stable
Philippines	Dec 20, 2012	S&P	BB+	Stable	BB+	Positive
Philippines	Oct 29, 2012	Moody's	Ba2	Positive	Ba1	Stable
Philippines	Jul 04, 2012	S&P	BB	Positive	BB+	Stable
Philippines	May 29, 2012	Moody's	Ba2	Stable	Ba2	Positive
Philippines	Dec 16, 2011	S&P	BB	Stable	BB	Positive

Table Key

Grade	Moody's	S&P	Fitch	DBRS	Scope Ratings
Prime	Aaa	AAA	AAA	AAA	AAA
High Grade	Aa1	AA+	AA+	AA (high)	AA+
	Aa2	AA	AA	AA	AA
	Aa3	AA-	AA-	AA (low)	AA-
Upper Medium Grade	A1	A+	A+	A (high)	A+
	A2	A	A	A	A
	A3	A-	A-	A (low)	A-
Lower Medium Grade	Baa1	BBB+	BBB+	BBB (high)	BBB+
	Baa2	BBB	BBB	BBB	BBB
	Baa3	BBB-	BBB-	BBB (low)	BBB-
Non-investment Grade Speculative	Ba1	BB+	BB+	BB (high)	BB+
	Ba2	BB	BB	BB	BB
	Ba3	BB-	BB-	BB (low)	BB-
Highly Speculative Grade	B1	B+	B+	B (high)	B+
	B2	B	B	B	B
	B3	B-	B-	B (low)	B-
Substantial Risk Grade	Caa1	CCC+	CCC+	CCC
	Caa2	CCC	CCC	CCC	CCC
	Caa3	CCC-	CCC-	CCC
Extremely Speculative Grade	Ca	CC	CC	CCC	CC
Extremely Speculative Grade			C	CCC	C
In Default with Little Prospect for Recovery		CD	RD	RD
In Default		SD		SD
	C	D	D	D	D
			DD	DD
			DDD	DDD
Not Rated	NR	NR	NR	NR	NR

FAQ

What is Philippines’s current credit rating?

Philippines’s sovereign credit rating reflects its government’s ability and willingness to meet debt obligations. It is assigned by major agencies such as S&P, Moody’s, Fitch, DBRS, and Scope, and represents how international markets view Philippines’s credit risk.

Has Philippines’s credit rating changed recently?

This page lists the latest rating and outlook actions for Philippines, showing when each agency last reviewed or changed its assessment.

Why does Philippines’s credit rating matter to investors?

Ratings directly affect borrowing costs, investor confidence, and market access. Changes can influence Philippines's bond yields, currency, and equity flows as investors reassess risk.

How does Philippines’s rating compare to other countries?

You can explore how Philippines ranks globally using our Credit Ratings Hub, which displays all countries’ ratings from S&P, Moody’s, Fitch, DBRS, and Scope.

What do outlooks like Positive, Stable, and Negative mean?

They indicate the expected direction of a rating. Positive signals a possible upgrade, Stable means no change is likely, and Negative points to potential downgrade risk

What is the difference between investment grade and speculative grade?

Investment grade (BBB−/Baa3 or higher) means relatively low risk and steady market access. A speculative grade (BB+/Ba1 or lower) signals higher risk and volatility, but can attract yield-seeking investors.