MANILA — Standard & Poor's has given the Philippines an investment grade credit rating in the second such boost to the country's standing this year. S&P says in a statement Thursday that it raised its sovereign rating on the Philippines to BBB minus from BB plus. It said the outlook for the rating was stable. S&P credit analyst Agost Benard says the upgrade reflects a "strengthening external profile, moderating inflation, and the government's declining reliance on foreign currency debt." Fitch Rating's gave the Philippines its first-ever investment grade rating in late March, citing the country's current account surplus and status as a creditor nation. Presidential spokesman Edwin Lacierda says the upgrade indicates sustained confidence in the Philippine economy, which grew 6.6 percent last year. — AP
