Moody's boosts Philippine Long Distance

Moody's Investors Service said it upgraded the long-term ratings of Philippine Long Distance Co. (PLDT).

The agency said the upgrade reflects ongoing improvements in PLDT's financial profile as it continues to enjoy healthy free cash generation and reduces its debt load.

The rating outlook on the local currency rating is positive, while on the foreign currency rating it is negative, reflecting the sovereign outlook.

Upgraded ratings include that company's local currency corporate family rating to Ba1 from Ba2 and foreign currency senior unsecured rating to Ba2 from Ba3.

Moody's noted the Ba1 local currency rating is principally driven by PLDT's position as the largest telecommunications operator in the Philippines, its strengthening financial profile and its free cash flow generative status, adding the rating factors in the risks associated with the political and economic uncertainty evident in the Philippines.

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