Philippine Credit Ratings Movements

Standard & Poor's

Date
02-Jul-93
02-Nov-94
23-Mar-95
30-May-95
21-Feb-97
25-Sep-97
23-Feb-98
06-Jan-99
19-Oct-00
04-Apr-02
28-Oct-02
24-Apr-03
29-Jul-04
17-Jan-05
11-Jul-05
03-Nov-05
09-Feb-06
18-May-07
18-Apr-08
03-Jul-09
12-Nov-10
29-Jul-11
16-Dec-11
04-Jul-12
20-Dec-12
02-May-13
08-May-14

Long-term foreign
currency rating
BBBBBBBBBB+
BB+
BB+
BB+
BB+
BB+
BB+
BB
BB
BBBBBBBBBBBBBBBB
BB
BB
BB+
BB+
BBBBBB

Outlook
Stable
Positive
Positive
Positive
Positive
Stable
Negative
Stable
Negative
Stable
Negative
Stable
Stable
Stable
Negative
Negative
Stable
Stable
Stable
Stable
Stable
Stable
Positive
Stable
Positive
Stable
Stable

Moody's
Date
22-Jan-97
07-Mar-97
18-May-97
04-Sep-98
27-Oct-00
02-Feb-02
08-Jan-03
29-Sep-03
26-Nov-03
27-Jan-04
09-Nov-04
16-Feb-05
13-Jul-05
02-Nov-06
01-Jun-07
25-Jan-08
21-Jun-08
12-Feb-09
23-Jul-09
06-Jan-11
15-Jun-11
29-May-12
29-Oct-12
25-Jul-13
03-Oct-13
11-Dec-14

Long-term foreign
currency rating
Ba2
Ba2
Ba1
Ba1
Ba1
Ba1
Ba1
Ba1
Ba1
Ba2
Ba2
B1
B1
B1
B1
B1
B1
B1
Ba3
Ba3
Ba2
Ba2
Ba1
Ba1
Baa3
Baa2

Fitch
Outlook
Rating under review
Positive
Stable
Stable
Negative
Stable
Stable
Negative
Rating under review
Negative
Rating under review
Stable
Negative
Stable
Stable
Positive
Positive
Positive
Stable
Positive
Stable
Positive
Stable
Rating under review
Positive
Stable

Date
08-Jul-99
21-Sep-00
17-Jan-01
15-Mar-01
25-Nov-02
12-Jun-03
07-Dec-04
26-May-05
11-Jul-05
13-Feb-06
18-Aug-06
05-Mar-07
27-Jun-08
06-May-09
09-Aug-10
23-Jun-11
19-Jun-12
27-Mar-13
25-Mar-14
18-Mar-15

Long-term foreign
currency rating
BB+
BB+
BB+
BB+
BB+
BBBBBBBBBBBBBBBBBBBBBB+
BB+
BBBBBBBBB-

Outlook
Stable
Rating under review
Stable
Negative
Stable
Negative
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable
Stable

Sources: BSP, Fitch, S&P, and Moody's