---------------  -  Moody’s Investors Service upgraded the Philippines’ foreign and local currency government ratings to Ba3 from B1, the country ceiling for foreign currency bank deposits to Ba3 from B1 and the country ceiling for foreign currency bonds to Ba1 from Ba3.
The change in the foreign currency bond ceiling is based on a revised assessment of the risk of an external payments moratorium to low from moderate. -  The outlook on the ratings is stable.