Fitch ups Philippine Long Distance view to stable

Fitch Ratings said it affirmed Philippine Long Distance Telephone Co.'s long-term local-currency issuer default rating at BBB, along with the company's long-term foreign-currency issuer default rating and outstanding global bonds and senior notes at BB+ and its national long-term rating at AAA(phl).

The outlook was revised to stable from negative.

The ratings reflect its position as the Philippines' incumbent operator, with diversified and integrated telecommunications operations, as well as growing operations in call centers and business process outsourcing, Fitch said.

Fitch said it expects fixed-line services to remain a core contributor to earnings and cash flow over the medium term, with strong demand for fixed-data, offsetting substitution pressures on traditional voice services.

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