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Takeaway: The Philippines earns its first-ever investment grade while Cyprus stays a mess. Take a look at this chart of the countries' market indices.

If you look at the three-year performance of The Philippines key stock market index over the past three years on the chart below, it makes sense that Fitch just gave the country its first-ever investment grade rating. 

However, when you look at the Cyprus market over the same period, it tells a completely different story. The market knew what was happening there, too.

Two Countries, Two Directions - Phil Cyprus