Philippines
S&P	BB- (Jun 08)
Moody's	B1 (Jan 08)
Fitch	BB (Jun 08)
R&I	BBB- (July 07)

Global rating agencies have assigned the above long-term foreign currency ratings for the Philippines. Home pages of these rating agencies are linked below.

Government and government guaranteed debt securities are exempt from local credit ratings. However, the Securities and Exchange Commission requires issuers of commercial paper/bonds to obtain credit ratings from the Philippine Rating Service Corporation (PhilRatings) or from any internationally accepted credit rating agency with a representative office in the Philippines.

PhilRatings is the only accredited local credit rating agency of the Bangko Sentral ng Pilipinas (BSP); the rating agency is also an affiliate of Standard and Poor's. A basic profile of PhilRatings is provided at the link below.