S&P UPGRADES PHILIPPINES, BUT COOLER ON INDONESIA

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May 2, 2013

SINGAPORE – Ratings agency Standard & Poor’s has lifted its ratings for the Philippines, but at the same time effectively downgraded its assessment of Indonesia, saying that a stalling of reform momentum and a weaker external profile in Indonesia have diminished the potential for a rating upgrade over the next 12 months (Indonesia also faces an election next year).