When you've got credit growth that already exceeds (gross domestic product growth), that's a lot of new credit.
More Quotes from James McCormack:
The more of these events there are, inevitably the weaker she becomes. Surviving a crisis in leadership doesn't necessarily strengthen a leader.James McCormack
They do a pretty good job of getting people in who are quite capable. They have a deep bench.
James McCormack
We've revised our growth forecast up to 5 percent for this year, based on what we saw in the fourth quarter in terms of consumption. The strength of consumption surprised us somewhat in how robust it was.
James McCormack
Those sovereigns in the midst of political turmoil also have the weakest growth rates in emerging Asia, and further downward revisions to the growth forecast may be necessary.
James McCormack
This is one of the countries where politics matter and it is central to our assessment. Politics affects economic policy.
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
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