Meanwhile, the rating upgrade brings into focus another challenge facing the Philippines and other developing economies, and this one is not of their own making.
The downgrades may only have a limited initial impact neither French government nor European Financial Stability Facility bonds have traded like Triple-A credits for months but they sow the seeds for what may be the next big challenge since they are likely to be followed by downgrades by other credit-rating companies in the coming months, dragging down average ratings.