MANILA, Nov. 27 -- S&P Global Ratings on Thursday affirmed its 'BBB+' long-term and 'A-2' short term ratings on the Philippines as it believes the slowdown on public infrastructure spending will be temporary.

Outlook on these ratings remain positive, the credit rater said in a report.

"The government is continuing its fiscal consolidation, with its debt burden stabilizing. The country's external position remains a rating strength," it said, but noted that "current account deficits in recent years have decreased net external assets."

It kept the outlook "positive" as it considers that the country "will maintain its external strength and healthy growth rate, and the government's fiscal performance will strengthen over the next 12-24 mont...