Manila, April 21 -- Malacanang on Tuesday clarified that Fitch Ratings' decision to revise the Philippines' credit outlook from "stable" to "negative" does not constitute a credit rating downgrade, stressing that the country remains on solid economic footing.

Palace Press Officer Claire Castro said the Department of Finance (DOF) has already explained that a negative outlook is not equivalent to an imminent downgrade, and should instead be viewed as a cautionary signal rather than an immediate change in credit status.

Castro said Fitch itself noted that the outlook change does not immediately affect the country's credit standing, and highlighted the Philippine government's policy response to external pressures.

"Fitch also explicitly h...