DEBT watcher Fitch Ratings has upgraded its credit rating outlook for the Philippines to 'stable' from 'negative' and also affirmed the country's 'BBB' investment grade score, citing the country's recovery from the impact of the Covid-19 pandemic.

The stable outlook means that Fitch is unlikely to lower its credit rating — 'BBB' is one notch above minimum investment grade — over a one- to two-year period. The ratings firm lowered the outlook to negative in July 2021 as the government borrowed heavily to support the economy.