The continuing strength of China's external sector, including the increase in its foreign exchange reserves and exports, are a positive. However, an increase in reserves which we expect to eventually reach a trillion US dollars, will not necessarily lead to a ratings upgrade. - James McCormack Quotes
The continuing strength of China's external sector, including the increase in its foreign exchange reserves and exports, are a positive. However, an increase in reserves which we expect to eventually reach a trillion US dollars, will not necessarily lead to a ratings upgrade. James McCormack
 

More - James McCormack Quotes

This will allow the government debt/GDP ratio to continue its downward trajectory, alleviating pressure on sovereign credit worthiness as debt ratios gradually compare more favorably with rating peer group medians. - James McCormack Quotes

This will allow the government debt/GDP ratio to continue its downward trajectory, alleviating pressure on sovereign credit worthiness as debt ratios gradually compare more favorably with rating peer group medians.

James McCormack

 Debt
We are a bit cautious about the two-percentage-point increase because of the risks - primarily political risks - that it might not be implemented. One thing we learned from this is that there is always a potential for delays in its implementation. - James McCormack Quotes

We are a bit cautious about the two-percentage-point increase because of the risks - primarily political risks - that it might not be implemented. One thing we learned from this is that there is always a potential for delays in its implementation.

James McCormack

 
What would be under consideration is what to do with the negative outlook - whether to revert that back to stable, or to retain the negative outlook, or to downgrade the credit. But upgrading (the rating) from a negative outlook is not something that happens very frequently, and I don't expect that would happen in the case of the Philippines. - James McCormack Quotes

What would be under consideration is what to do with the negative outlook - whether to revert that back to stable, or to retain the negative outlook, or to downgrade the credit. But upgrading (the rating) from a negative outlook is not something that happens very frequently, and I don't expect that would happen in the case of the Philippines.

James McCormack

 
The biggest challenge for the central bank is to control the potential inflation that comes along with the buildup in reserves. - James McCormack Quotes

The biggest challenge for the central bank is to control the potential inflation that comes along with the buildup in reserves.

James McCormack

 
The delayed e-VAT detracted from the overall credibility of the fiscal reform program, and we will wait until the e-VAT is implemented fully, including the rate increase from 10 percent to 12 percent scheduled for January 2006, before considering its positive effects on government revenues. - James McCormack Quotes

The delayed e-VAT detracted from the overall credibility of the fiscal reform program, and we will wait until the e-VAT is implemented fully, including the rate increase from 10 percent to 12 percent scheduled for January 2006, before considering its positive effects on government revenues.

James McCormack

 Credibility
The delayed e-VAT detracted from the overall credibility of the fiscal reform program, and we will wait until the e-VAT is implemented fully, including the rate increase from 10 percent to 12 percent scheduled for January 2006, before considering its positive effects on government revenues. - James McCormack Quotes

The delayed e-VAT detracted from the overall credibility of the fiscal reform program, and we will wait until the e-VAT is implemented fully, including the rate increase from 10 percent to 12 percent scheduled for January 2006, before considering its positive effects on government revenues.

James McCormack

 Credibility
While the e-VAT and the impeachment issue have both been resolved favorably in recent days, we are maintaining our negative outlook on the Philippines' ratings. - James McCormack Quotes

While the e-VAT and the impeachment issue have both been resolved favorably in recent days, we are maintaining our negative outlook on the Philippines' ratings.

James McCormack

 
There are clear improvements in the banking sector, for example, where the legacy of directed lending is slowly giving way to a more market-based allocation of credit supported by the involvement of foreign strategic investors. - James McCormack Quotes

There are clear improvements in the banking sector, for example, where the legacy of directed lending is slowly giving way to a more market-based allocation of credit supported by the involvement of foreign strategic investors.

James McCormack

 Example
Assuming the two-percentage-point increase goes through in January, we will undertake a full review of the ratings, ... is what we are looking for from a ratings perspective. - James McCormack Quotes

Assuming the two-percentage-point increase goes through in January, we will undertake a full review of the ratings, ... is what we are looking for from a ratings perspective.

James McCormack

 
The lower annual fiscal projection won't alter the negative outlook. Our main focus is the full implementation of the expanded value-added tax and the two percentage point increase in its rate next year. - James McCormack Quotes

The lower annual fiscal projection won't alter the negative outlook. Our main focus is the full implementation of the expanded value-added tax and the two percentage point increase in its rate next year.

James McCormack

 Focus
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