Customers wearing protective masks and face shield sit at a food court at the SM Pampanga mall in Manila, the Philippines, on Thursday, Dec. 17, 2020. - Bloomberg
MANILA (Reuters): Fitch Ratings said on Monday (Jan 11) that it affirmed Philippines' long-term foreign-currency issuer default rating at 'BBB' with a stable outlook, citing modest government debt levels, "robust" external buffers and still-strong medium-term growth prospects.
However, the ratings agency said the economic impact of the Covid-19 shock for Philippines in 2020 was more significant than previously expected due to a high domestic infection rate and government policy measures to curb the virus spread.
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