Bangkok--24 Jul--Moody's Investors
Moody's Investors Service has upgraded to Ba1 from Ba2 the foreign currency bond rating of Philippine Long Distance Telephone Company's ("PLDT"). This rating action follows Moody's decision to upgrade the Republic of Philippines government's B1 long-term foreign-currency rating to Ba3 and the foreign-currency country ceiling to Ba1 from Ba3. PLDT's Ba1 foreign currency debt rating is now in line with the Philippines' country ceiling for foreign currency bonds.
At the same time, Moody's has affirmed PLDT's Baa2 local currency issuer rating. The outlook for both ratings is stable.
The principal methodology used in rating PLDT was the Global Telecommunications Industry dated December 2007, which can be found at www.moodys.com in the Credit Policy & Methodologies directory, in the Ratings Methodologies subdirectory. Other methodologies and factors that may have been considered in the process of rating this issuer can also be found in the Credit Policy & Methodologies directory.
The last rating action was taken on 18th May 2009 when PLDT's Baa2 senior unsecured local currency issuer rating was confirmed with a stable outlook.
PLDT, headquartered in Manila and listed on the Philippine Stock Exchange and American Depository Receipts traded on the New York Stock Exchange, is an integrated provider of fixed-line, broadband, cellular and ICT (Information and Communications Technology) services. It currently has a 52% subscriber market share for cellular telephony, 60% for fixed-line services and about 70% for broadband.
Hong Kong
Laura Acres
Vice President - Senior Analyst
Corporate Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 3551-3077
Hong Kong
Gary Lau
Senior Vice President
Corporate Finance Group
Moody's Asia Pacific Ltd.
JOURNALISTS: (852) 2916-1150
SUBSCRIBERS: (852) 3551-3077