Fitch: Philippine Long Distance on watch positive

Fitch Ratings said it placed Philippine Long Distance Telephone Co.'s BB long-term local currency rating on Rating Watch Positive.

At the same time, Fitch affirmed Philippine Long Distance's long-term foreign currency rating, its global bonds and senior notes at BB and its convertible preferred stock at B+. The outlook remains negative.

Fitch said the decision to place Philippine Long Distance's local currency rating on Rating Watch Positive represents an acknowledgment of the group's stable operating performance and consistent improvement in its financial profile over a sustained period.

Fitch said its review of the ratings will focus on the company's overall operating and financial profile, including its ability to sustain free cash flow generation in light of the prevailing competitive conditions and industry developments, management of its growth aspirations and its capital management initiatives relating to dividend and share buyback policies.

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