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Fitch ups Philippine Long Distance to BBB
Fitch Ratings said it upgraded Philippine Long Distance Telephone Co.'s long-term local-currency issuer default rating to BBB from BBB-, and affirmed its long-term foreign-currency issuer default rating at BB+, national long-term rating at AAA(phl) and global bonds and senior notes at BB+.
The outlook is stable.
The upgrade recognizes the sustained strengthening of the company's financial profile through fiscal year 2006 and the first half of 2007, with strong positive free cash flow generation enabling significant reductions in both gross and net debt levels, Fitch said.
The upgrade also reflects the group's sustained strong operating performance, but the agency said it expects subscriber growth to decelerate going forward.
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