Moody's may up Philippine Long Distance

Moody's Investor Services said it placed the Baa3 local-currency corporate family rating of the Philippine Long Distance Co. on review for possible upgrade. Moody's also affirmed its Ba2 foreign-currency bond rating with a stable outlook.

The review has been prompted by a continued improvement in the company's financial profile and the consolidation of its strong operating performance, Moody's said. The review will focus on growth prospects at the consolidated level, the company's ongoing capital expenditure requirements for maintenance and rollout of next generation technologies and its financial policies over the next two years.

The affirmation reflects the fact that the rating is unlikely to rise without either an improvement in the Philippines foreign-currency country ceiling or a significant improvement in the company's local-currency rating.

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