In February 2020, R&I upgraded the Philippines’ credit rating from “BBB” to “BBB+” with a “stable outlook.” In May, Fitch Ratings and S&P Global affirmed the Philippines’ credit rating of “BBB” and “BBB+” respectively. In June, Japan Credit Rating Agency upgraded Philippine sovereign debt to A- (Stable), citing strong economic fundamentals. And in July, Moody’s affirmed the Philippines’ “Baa2” rating with a “stable” outlook.
8 See Board of Governors of the Federal Reserve System, Federal Deposit Insurance Corporation, Office of the  Comptroller of the Currency, “Statement regarding Treatment of Certain Foreign Funds under the Rules Implementing Section 13 of the Bank Holding Company Act (PDF),” July 21, 2017. 6/6  BIS central bankers' speeches