S&P Global Ratings has retained its credit rating for the Philippines despite the immense COVID-19 health crisis, noting the national economy is “beginning to recover.”

The credit rater also maintained its “stable” outlook for the Philippine economy, expecting it to bounce back to “healthy rates of growth.” With the better containment of the pandemic, the state’s fiscal performance will “materially” improve, it said.

“We believe the Philippines will continue to have good economic recovery prospects once the COVID-19 pandemic is contained, and that the government’s fiscal performance will strengthen accordingly,” said S&P in a statement on Thursday.