MANILA - S&P Global said Tuesday it raised its long-term sovereign credit rating for the Philippines, citing above-average economic growth, a healthy external position and sustainable public finances.

The Philippines' score was raised to BBB+ from BBB A, the third lowest investment grade rating or 3 notches above the minimum investment grade score, S&P said.

A high credit rating gives a borrower access to a wider pool of funds.

“We raised the rating to reflect the Philippines' strong economic growth trajectory, which we expect to continue to drive constructive development outcomes and underpin broader credit metrics over the medium term," S&P said.

"The rating is also supported by solid government fiscal accounts, low public indebtedness, and the economy's sound external settings,” it said.

S&P cited the country’s declining unemployment rate and its economy, which is considered as among the “fastest growing” in the world.

The country’s gross domestic product (GDP) grew 6.2 percent in 2018. First quarter growth numbers will be released May 9.