Fitch affirms Philippine Long Distance

Fitch Ratings said it affirmed Philippine Long Distance Telephone Co.'s long-term foreign- and local-currency issuer default ratings at BBB- and A-, respectively.

The outlook is stable.

The ratings reflect the company's improved market position post its successful acquisition of a 51.55% ownership interest in the third-largest telecom operator - Digital Telecommunications Philippines, Inc. (Digitel) in an all-equity deal, Fitch said.

The ratings also benefit from the company's strong credit metrics including high EBITDAR margins of 60% and moderate leverage, the agency said.

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