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RP warned of sovereign ratings downgrade.
(From Philippine Daily Inquirer)
Byline: Doris C. Dumlao
FITCH Ratings yesterday said the Philippines might face a sovereign ratings downgrade unless fiscal reforms were put in place and a lasting solution to National Power Corp.'s debt woes was adopted.
In its special report, the international credit rating agency said that after securing a fresh six-year mandate, President Macapagal-Arroyo must commit to raising taxes and addressing the deep-seated financial problems of Napocor.
"Failure to exploit the improved political backdrop by making headway in fiscal policy tightening could see the Philippines' rating strengths start to wither again, following the downgrade in 2003," said Brian Coulton, senior director of Fitch's Sovereign Group.
Fitch is maintaining the Philippines' long-term foreign and local currency sovereign ratings at "BB" and "BB+," respectively, both with a stable outlook.
The rating agency said Ms Arroyo's victory should end the prolonged period of political uncertainty that unnerved investor sentiment for several months.
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