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Philippines Credit Ratings & Outlooks
Country | Moody's | S&P | Fitch | DBRS | Scope Ratings |
|---|---|---|---|---|---|
Baa2 Stable | BBB+ Stable | BBB Negative | NR — | NR — |
Credit Rating History
Country | Date of Change | Rating Agency | Previous Rating | Previous Outlook | Current Rating | Current Outlook |
|---|---|---|---|---|---|---|
| Apr 20, 2026 | Fitch | BBB | Stable | BBB | Negative | |
| Apr 08, 2026 | S&P | BBB+ | Positive | BBB+ | Stable | |
| Nov 25, 2024 | S&P | BBB+ | Stable | BBB+ | Positive | |
| May 22, 2023 | Fitch | BBB | Negative | BBB | Stable | |
| Jul 12, 2021 | Fitch | BBB | Stable | BBB | Negative | |
| May 07, 2020 | Fitch | BBB | Positive | BBB | Stable | |
| Feb 11, 2020 | Fitch | BBB | Stable | BBB | Positive | |
| Apr 30, 2019 | S&P | BBB | Positive | BBB+ | Stable | |
| Apr 26, 2018 | S&P | BBB | Stable | BBB | Positive | |
| Dec 10, 2017 | Fitch | BBB- | Positive | BBB | Stable | |
| Sep 24, 2015 | Fitch | BBB- | Stable | BBB- | Positive | |
| Dec 11, 2014 | Moody's | Baa3 | Positive | Baa2 | Stable | |
| May 08, 2014 | S&P | BBB- | Stable | BBB | Stable | |
| Oct 03, 2013 | Moody's | Ba1 | Positive Watch | Baa3 | Positive | |
| Jul 25, 2013 | Moody's | Ba1 | Stable | Ba1 | Positive Watch | |
| May 02, 2013 | S&P | BB+ | Positive | BBB- | Stable | |
| Mar 27, 2013 | Fitch | BB+ | Stable | BBB- | Stable | |
| Dec 20, 2012 | S&P | BB+ | Stable | BB+ | Positive | |
| Oct 29, 2012 | Moody's | Ba2 | Positive | Ba1 | Stable | |
| Jul 04, 2012 | S&P | BB | Positive | BB+ | Stable |
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 | CC | CC |
C | CC | 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.
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