US sells $35Bn of 5-year bills at 0.760%

Earlier today, Fitch Ratings upgraded the Philippines’ Long-Term Foreign-Currency Issuer Default Rating (IDR) to BBB- from BB+. The Long-Term Local-Currency IDR has been upgraded to BBB from BBB-. The outlook on both ratings is stable. According to Strategist Irene Cheung at ANZ, “We think the other two major rating agencies S&P (BB+ Positive) and Moody’s (Ba1-stable) will upgrade the Philippines in the coming months.”