S&P Global Ratings said it revised the Philippines’ credit outlook to positive, putting the Southeast Asian nation closer to its goal of an ‘A’ sovereign rating.

S&P Global Ratings improved its credit outlook for the Philippine government to “positive,” citing better institutional and policy settings. This opens the possibility of upgrading to the prestigious “A” rating.

S&P Global Ratings has raised the Philippines’ credit rating outlook to positive from stable, increasing the possibility of an upgrade in the next 12 to 24 months. In a report, the New York-based debt watcher affirmed its “BBB+” long-term investment grade rating and “A-2” short-term sovereign credit ratings on the Philippines.