Central Banking

Buenaventura says credit downgrade was harsh

The Philippine central bank said on Friday the move by Standard & Poor's todowngrade its long-term outlook on the Philippines to negative from stablewas harsh. "It was rather harsh given the Philippines has a democratic process forchange. To say there is uncertainty is exaggerated, because obviouslypolitical solutions will be found and none of these will be violent means,"central bank governor Rafael Buenaventura said. S&P on Thursday revised itslong-term outlook on the Philippine to negative

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