S&P affirms Philippine Long Distance

Standard & Poor's said it affirmed its BB+ foreign currency rating on Philippine Long Distance Telephone Co., following the solicitation from the holders of some of the company's senior notes to amend certain covenants.

The outlook is stable.

The agency said that the rating on Philippine Long Distance reflects that of the transfer and convertibility risk assessment on the Philippines (foreign currency BB-/stable/B, local currency BB+/stable/B).

Although the amendments to the company's senior notes due 2009, 2012 and 2017 will increase Philippine Long Distance's flexibility to make investments and capital distributions, particularly dividends to ordinary shareholders, the company's financial profile is expected to remain consistent with the current rating, the agency added.

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