Standard & Poor's credit rating for Philippines stands at BBB+ with stable outlook. Moody's credit rating for Philippines was last set at Baa2 with stable outlook. Fitch's credit rating for Philippines was last reported at BBB with stable outlook. In general, a credit rating is used by sovereign wealth funds, pension funds and other investors to gauge the credit worthiness of Philippines thus having a big impact on the country's borrowing costs. This page includes the government debt credit rating for Philippines as reported by major credit rating agencies.


AgencyRatingOutlookDate
FitchBBB Stable May 07 2020
FitchBBB Positive Feb 11 2020
S&PBBB+ Stable Apr 30 2019
S&PBBB Positive Apr 26 2018
FitchBBB Stable Dec 10 2017
FitchBBB- Positive Sep 24 2015
Moody'sBaa2 Stable Dec 11 2014
S&PBBB Stable May 08 2014
Moody'sBaa3 Positive Oct 03 2013
Moody'sBa1 Positive Watch Jul 25 2013
S&PBBB- Stable May 02 2013
FitchBBB- Stable Mar 27 2013
S&PBB+ Positive Dec 20 2012
Moody'sBa1 Stable Oct 29 2012
S&PBB+ Stable Jul 04 2012
Moody'sBa2 Positive May 29 2012
S&PBB Positive Dec 16 2011
FitchBB+ Stable Jun 23 2011
Moody'sBa2 Stable Jun 15 2011
Moody'sBa3 Positive Jan 06 2011
S&PBB Stable Nov 12 2010
Moody'sBa3 Stable Jul 23 2009
Moody'sB1 Positive Jan 24 2008
Moody'sB1 Stable Nov 02 2006
FitchBB Stable Feb 12 2006
S&PBB- Stable Feb 09 2006
Moody'sB1 Negative Jul 13 2005
S&PBB- Negative Jul 11 2005
FitchBB Negative Jul 10 2005
FitchBB Stable May 26 2005
Moody'sB1 Stable Feb 16 2005
S&PBB- Stable Jan 17 2005
FitchBB Negative Dec 07 2004
Moody'sBa2 Negative Watch Nov 08 2004
Moody'sBa2 Negative Jan 27 2004
Moody'sBa1 Negative Watch Nov 25 2003
FitchBB Stable Jun 12 2003
S&PBB Stable Apr 24 2003
Moody'sBa1 Negative Jan 08 2003
FitchBB+ Negative Nov 25 2002
S&PBB+ Negative Oct 28 2002
S&PBB+ Stable Apr 03 2002
Moody'sBa1 Stable Feb 03 2002
Moody'sBa1 Negative May 03 2001
FitchBB+ Negative Watch Jan 17 2001
S&PBB+ Negative Oct 19 2000
FitchBB+ Stable Sep 21 2000
FitchBB+ N/A Jul 08 1999
S&PBB+ Stable Jan 06 1999
S&PBB+ Negative Feb 23 1998
S&PBB+ Stable Sep 26 1997
Moody'sBa1 Stable May 18 1997
S&PBB+ Positive Feb 21 1997
Moody'sBa2 Positive Watch Jan 23 1997
S&PBB Positive May 30 1995
Moody'sBa2 Stable May 12 1995
S&PBB- Positive Nov 02 1994
S&PBB- Stable Jul 02 1993
Moody'sBa3 Stable Jul 01 1993

 S&PMoody'sFitchDBRSTE
B+ B1 35
BBB BBB+ 62
CCC+ Caa1 CCC 21
CCC+ Ca CCC CCC 15
Ba3 B+ 16
BBB+ BB 55
AAA Aaa AAA AAA 100
AA+ Aa1 AA+ AAA 96
BB+ Ba2 BB+ 48
BB- Ba2 45
B+ B2 B+ 35
BB- Ba3 BB- 40
B- Caa1 22
B B3 B 28
AA Aa3 AA- AA (high) 86
CCC+ Caa1 14
B+ B2 B 31
A+ A2 N/A 78
B+ B2 B 33
B B3 27
BBB+ A2 70
BB- Ba2 BB- BB (low) 42
BBB Baa1 BBB 60
B 25
N/A B2 30
B- B2 B 28
AAA Aaa AA+ AAA 100
B B- 27
Aa3 85
A+ A1 A- N/A 78
A+ A1 A+ A (high) 80
BBB- Baa2 BBB- BBB 57
CCC+ Caa1 20
B B2 B 31
BBB- Ba1 BBB- 51
Caa2 15
BBB- Ba2 BBB- BBB (low) 50
AA- Aa3 AA- 83
AAA Aaa AAA AAA 100
BB- Ba3 BB- 40
B- Caa3 B- 18
B B2 B+ 30
B- B3 B- 25
AA- A1 AA- AA (low) 83
B B2 B 30
AA Aaa AAA AAA 98
BB- Ba3 40
AA+ Aa1 AA+ AA (high) 96
AA Aa2 AA AA (high) 92
N/A Caa1 CCC 26
BB Ba2 BB 45
AAA Aaa AAA AAA 100
B- B3 B 23
BB- Ba3 BB BB (low) 37
SD
BB- Ba1 BB- 43
BB- B1 35
AA+ Aa3 AA- 90
BBB Baa3 BBB 58
A A2 A 75
BBB- Baa3 BBB- BBB 56
BBB Baa2 BBB 60
B- Caa1 B- 23
AA- A2 A+ A (high) 78
N/A Aa3 90
AA- A1 A+ 81
BBB Baa3 BBB- BBB (high) 61
Ba3 B+ 37
B+ B2 B+ 33
A+ A1 A A (high) 77
B+ B1 BB- 36
BBB- Baa3 BBB 56
B+ B2 B+ 33
AA- A1 AA 88
NR B2 30
Caa2 CCC 20
A+ A3 A- A (low) 73
D C RD 11
B 30
AAA 100
A+ A3 A A 75
AAA Aaa AAA AAA 100
Aa3 AA 87
BB- BB+ 45
A- A3 A- 70
B3 CCC 27
Caa1 25
A- A2 A+ A (high) 75
Baa1 65
BBB Baa1 BBB- BBB 60
B3 25
B B3 B 28
B+ B1 35
BBB- 55
BBB- Ba1 BB+ 53
CCC+ Caa2 CCC 14
Ba2 BB 45
AAA Aaa AAA AAA 100
AA Aaa AA 93
B- B3 B- 25
B3
B- B2 B 28
AAA Aaa AAA AAA 99
B+ Ba3 BB- 40
B- B3 B- 25
BBB+ Baa1 BBB 63
B- B2 30
BB Ba1 BB+ 46
BBB+ A3 BBB+ N/A 65
BBB+ Baa2 BBB 61
A- A2 A- A 71
BBB Baa3 BBB BBB (high) 71
D 0
AA- Aa3 AA- 85
CCC+ Caa2 CCC 20
BBB- Baa3 BBB- 55
BBB- Baa3 BBB 55
B+ B2 B+ 33
BB+ 55
A- A1 A 75
B+ Ba3 37
BB+ Ba3 BB+ 46
B+ 45
AAA Aaa AAA AAA 98
A+ A2 A A (high) 76
AA- A3 A A (high) 75
B3 25
BB- Ba1 BB 46
AA Aa2 AA- 86
A Baa1 A- A 71
B- Caa1 B- 26
B3 25
SD Caa3 C 15
B3 30
AAA Aaa AAA AAA 99
AAA Aaa AAA AAA 100
AA- Aa3 AA- 83
B- B3 25
B2 35
BBB+ Baa1 BBB+ 65
B B3 30
BBB- Ba1 52
N/A B2 B 30
B+ B2 BB- BB (high) 36
B B2 B+ 31
B B3 B 26
AA Aa2 AA- 90
AA Aa3 AA- AA (high) 90
AA+ Aaa AAA AAA 98
BBB Baa2 BBB- BBB (low) 55
BB- B1 BB- 38
SD WR RD 11
BB Ba3 BB 43
SD Ca RD 30


Credit Ratings

TE S&P Moody's Fitch DBRS Description
100 AAA Aaa AAA AAA Prime
95 AA+ Aa1 AA+ AA (high) High grade
90 AA Aa2 AA AA
85 AA- Aa3 AA- AA (low)
80 A+ A1 A+ A (high) Upper medium grade
75 A A2 A A
70 A- A3 A- A (low)
65 BBB+ Baa1 BBB+ BBB (high) Lower medium grade
60 BBB Baa2 BBB BBB
55 BBB- Baa3 BBB- BBB (low)
50 BB+ Ba1 BB+ BB (high) Non-investment grade
speculative
45 BB Ba2 BB BB
40 BB- Ba3 BB- BB (low)
35 B+ B1 B+ B (high) Highly speculative
30 B B2 B B
25 B- B3 B- B (low)
20 CCC+ Caa1 CCC CCC (high) Substantial risks
15 CCC Caa2 CCC Extremely speculative
10 CCC- Caa3 CCC (low) In default with little
prospect for recovery
  CC Ca CC
5 C C C
0 D / DDD   In default
/ DD D
D
Standard & Poor, Moody's, Fitch and DBRS' sovereign debt credit rating is displayed above. In addition, the Trading Economics (TE) credit rating is shown scoring the credit worthiness of a country between 100 (riskless) and 0 (likely to default). Unlike the ratings provided by the major credit agencies, our index is numerical because we believe it is easier to understand and more insightful when comparing multiple countries. Arguably, our ratings are less likely to be manipulated because they are unsolicited and we are not paid in any way to provide countries with a rating. Technically, our ratings are based on a forward looking macro economic model which takes into account several leading economic indicators, financial markets and very little discretion. If you have any question please email us at contact@tradingeconomics.com