We are still comfortable. In a BB range, we do have some tolerance for political noise.
More Quotes from James McCormack:
This will allow the government debtGDP ratio to continue its downward trajectory, alleviating pressure on sovereign credit worthiness as debt ratios gradually compare more favorably with rating peer group medians.James McCormack
We would like public finance and development issues to be addressed by authorities, including an improvement in per capita income, before we can consider China for a ratings review and a possible upgrade.
James McCormack
When you've got credit growth that already exceeds (gross domestic product growth), that's a lot of new credit.
James McCormack
What would be under consideration is what to do with the negative outlook - whether to revert that back to stable, or to retain the negative outlook, or to downgrade the credit. But upgrading (the rating) from a negative outlook is not something that happens very frequently, and I don't expect that would happen in the case of the Philippines.
James McCormack
The more of these events there are, inevitably the weaker she becomes. Surviving a crisis in leadership doesn't necessarily strengthen a leader.
James McCormack
So if the effective interest rate on Philippines government debt goes up, it just takes more of their revenues to service their debts, so these are issues that really do need to be addressed.
James McCormack
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