Most probably Moody  will upgrade the Philippine government’s debt rating to investment-grade, citing the former basket-case nation’s robust economic growth and political stability. Two other major credit rating agencies, Standard and Poor’s and Fitch, have already upgraded Philippine government securities to investment-grade earlier this year. Moody’s Investors Service has placed the Ba1 foreign and local currency long-term issuer and bond ratings of the Government of the Philippines on review for upgrade,” the US ratings agency said in a statement.The next-highest rating on its scale is “Baa3,” considered the lowest in the investment-grade ranks. Moody’s said a rating in the “Baa” ranks is “subject to moderate credit risk,” while “Ba” rates entail “substantial credit risk.” The Philippines last defaulted on its foreign debt in the early 1980s.

The Philippines posted annualized growth of 7.8 percent in the first quarter, the highest in Asia.