At the same time, Fitch—another rating agency—recently affirmed the Philippines’ investment BBB rating, also with a stable outlook. Recent demand indicators continue to point to overall firm domestic growth prospects in the near term. In fact, results of the Q1 2019 survey-based consumer and business sentiment showed an improved outlook.
The asset quality problems can be fundamentally ascribed to one of the following four factors: a)  Environmental factors The economic downturn that has engulfed the global economy since the onset of the Financial Crisis in 2008 can be counted as one of the major cause for the asset quality problems in India.