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Originally published Thursday, May 2, 2013 at 3:13 AM

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Philippines gets second investment grade rating

Standard & Poor's has given the Philippines an investment grade credit rating in the second such boost to the country's standing this year.

The Associated Press

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MANILA, Philippines —

Standard & Poor's has given the Philippines an investment grade credit rating in the second such boost to the country's standing this year.

S&P says in a statement Thursday that it raised its sovereign rating on the Philippines to BBB minus from BB plus. It said the outlook for the rating was stable.

S&P credit analyst Agost Benard says the upgrade reflects a "strengthening external profile, moderating inflation, and the government's declining reliance on foreign currency debt."

Fitch Rating's gave the Philippines its first-ever investment grade rating in late March, citing the country's current account surplus and status as a creditor nation.

Presidential spokesman Edwin Lacierda says the upgrade indicates sustained confidence in the Philippine economy, which grew 6.6 percent last year.

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