Fitch: Philippine Long Distance cut to negative

Fitch Ratings said it revised the outlook on Philippine Long Distance Telephone Co.'s long-term foreign currency rating and that of its global bonds, senior notes and convertible preferred stock to negative from stable.

At the same time, Fitch affirmed Philippine Long Distance's long-term foreign currency rating, global bonds, senior notes and convertible preferred stock at BB, BB, BB and B+ respectively. The long-term local currency rating has also been affirmed at BB with a stable outlook.

The rating action reflects Fitch's decision to revise its outlook on the Republic of the Philippines' long-term ratings to negative from stable as Philippine Long Distance's foreign currency and senior debt instrument ratings are constrained by the sovereign foreign currency rating.

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