Moody's ups Philippine Long Distance view to positive

Moody's Investors Service said it affirmed Philippine Long Distance Telephone Co.'s Baa2 senior unsecured local-currency issuer rating, along with its Ba2 foreign-currency bond rating.

The outlook has been changed to positive from stable

This action reflects the company's ability to achieve ongoing revenue and EBITDA growth despite rapidly deepening cellular penetration, Moody's said. The new outlook also recognizes its ability to fund record levels of capital expenditure internally and also increase returns to shareholders without increasing its leverage, the agency added.

The ratings reflect the company's position as the largest telecommunications operator in the Philippines, strong consolidated financial metrics and dominant market position, Moody's said.

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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