S&P Cuts Philippines Outlook to Stable on Impact of Iran War

S&P Global Ratings lowered its outlook on the Philippines to stable from positive, saying the war in the Middle East has raised risks for the country’s balance of payments and fiscal position.

“Our base case assumes the war’s intensity will peak and the Strait of Hormuz’s effective closure will ease during April, but some disruptions are likely to persist for months,” S&P said in a statement on Wednesday.