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And also, when you move away from sort of reported financial performance and look at some nonfinancial metrics, it's quite noticeable across the company, the way we seem to be taking share and growing accounts.
Fitch Ratings said the key driver for its rating was governance, in the context of environment, social and governance metrics, which are nonfinancial factors.
Source: https://business.inquirer.net/381569/ph-launches-3-b-new-overseas-bond-offer
It might not have sold the property but for that year’s $350 million of interest rate and currency derivatives swap losses, reportedly the largest ever for a nonfinancial company.