Barclays sees credit rating upgrade for PH within 2012

Posted at 06/07/2012 6:32 PM | Updated as of 06/08/2012 8:25 AM

MANILA, Philippines - Barclays expects credit ratings agencies to upgrade the Philippines' credit rating within the year.

"We expect at least one rating agency to upgrade the Philippines in three to six months, catching up with Fitch... In addition, we now believe Fitch is likely to change the outlook to positive in the coming three to six months," Barclays said, in a report.

Barclays sees either Moody's Investors Service or Standard & Poor's upgrading the Philippines. Moody's and S&P currently assign the Philippines a rating two notches below investment grade, and have a positive outlook on the country's rating.

Fitch Ratings is also seen as improving its outlook on the Philippines' rating to positive from stable, Barclays said. Fitch currently rates the Philippines as one notch below investment grade.