June 22, 2001, The Philippine Star, FVR Defends GMA,

June 22, 2001, The Philippine Star, FVR Defends GMA,

Manila, June 22, 2001 - (STAR) Former President Fidel V. Ramos yesterday defended the administration of President Gloria Macapagal-Arroyo, saying, "she is doing a hands-on and firm management of Philippine affairs."

Reacting to the latest report of the Standard and Poor’s (S&P) on the country’s rating, the former President said surely, the economy under President Arroyo "is bound to improve."

"The Macapagal-Arroyo government is just now gathering steam right after the May 14 elections and while we are awaiting the organization of two houses of the Congress, she is doing a hands-on and firm management of Philippines affairs not only in the ongoing Abu Sayyaf situation but especially in bringing us back to the path of economic recovery," Ramos said.

Ramos noted that the S&P’s rating is just below the investment grade "meaning A and the lowest category in A is minus, and we are in BB+ so there’s no need to panic."

The S&P maintained "BBB+" long-term and "A-2" short-term ratings for the country’s domestic credit.

A "BBB" rating reflects an adequate capacity to meet financial commitments but subject to adverse economic conditions.

An "A" rating represents more vulnerability to adverse business, financial and economic conditions, but still the capacity to meet financial obligations.

A "BB" rating signifies less vulnerability in the near term, but faces major uncertainties and exposure to adverse business, financial and economic conditions.