Moody's ups Philippine Long Distance Telephone

Moody's Investors Service said it upgraded the local currency issuer rating and foreign currency bond rating of Philippine Long Distance Telephone Co. to Baa2 from Baa3.

The outlook is stable.

Moody's said the action follows its decision to upgrade the long-term foreign-currency rating of the Republic of Philippines to Ba1 from Ba2 and the foreign-currency country ceiling to Baa2 from Baa3.

"Despite its strong fundamental credit quality, Philippine Long Distance's ratings were previously constrained at the Baa3 level by the two-notch differential with the then sovereign rating of Ba2. The upgrade of the sovereign rating to Ba1 therefore allows Moody's to upgrade Philippine Long Distance's ratings to Baa2," Moody's assistant vice president and analyst Yoshio Takahashi said in a news release.

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