Philippines currency and shares slump as Fitch cuts rating outlook

MANILA, July 13 (Bloomberg): The Philippine peso declined along with local shares after Fitch Ratings revised its outlook on the sovereign to negative from stable, reflecting rising risks from the pandemic on the nation’s economy.

The peso dropped as much as 0.4% to 50.30 per dollar, its weakest since June 2020. The Philippine Stock Exchange Index slid 1.2%, while the spread on Philippines’ 2032 dollar bond over Treasuries rose about five basis points to 75.1 basis points.