Renowned financial services company Standard & Poor’s was seen giving more downgrades than upgrade debt ratings this year, but the Philippines made it to the ‘Rising Stars’ list for 2013.
Countries which are included in the "Rising Stars" list are said to possess a credit score that was upgraded to investment grade. A total of 31 countries are included, and the Philippines is the only Asian economy that made it to the list.
With the credit rating upgrades, the countries are more attractive for foreign investors, and it would be easier and less expensive for the Rising Stars to take out loans to develop their economies.
The Philippines also received credit rating upgrades from Fitch and Moody’s this year.