Moody's cuts Philippine Long Distance to Baa3

Moody's Investors Service said it downgraded the local currency rating of Philippine Long Distance Telephone Co. to Baa3 from Baa2.

At the same time the agency said it affirmed the foreign currency bond rating of Baa3.

The outlook on all ratings is stable.

The agency said the rating action reflects Moody's view that as the company is predominantly a domestic entity, with substantially all of its revenues derived and assets based in the Philippines, its fundamental creditworthiness needs to more closely reflect shared risks that potentially exist between it and the sovereign.

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