MANILA, Philippines (AP) — The Philippines says a credit rating upgrade by Standard & Poor's will help the country carry out reforms without weakening its financial position.

The agency on Wednesday raised the Philippines' long-term foreign currency credit rating to BB+ from BB, one notch below investment grade. It kept the rating outlook at stable.

Presidential spokesman Ricky Carandang says that while some other countries are being forced to tighten belts to get high debt under control, the Philippines can still afford to undertake public spending without jeopardizing its overall financial position.

The upgrade propelled the Philippine peso to 41.72 versus the U.S. dollar, the strongest in four years.

Carandang says the government doesn't want a strong peso to hinder competitiveness of exports.