Moody's ups Philippines Long Distance to Baa2

Moody's Investors Service said it upgraded Philippines Long Distance Telephone Co.'s local-currency corporate family rating to Baa2 from Baa3. This action concludes the review for possible upgrade that began in April. Moody's also said it affirmed its Ba2 foreign-currency bond rating.

The outlook is stable.

The action reflects continued improvements in the company's financial profile and the consolidation of its strong operating performance, Moody's said. It also reflects the company's position as the largest telecommunications operator in the Philippines.

These factors are counterbalanced by country-specific issues, such as uncertainty surrounding the Philippines' political and economic environment, the agency said.

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