S&P affirms Philippine Long Distance

Standard & Poor's said it affirmed its BB- foreign currency rating on Philippine Long Distance Telephone Co. (PLDT).

The outlook is negative.

At the same time, the rating on PLDT's existing series III preferred stock was raised to B+ from B.

The agency said the rating on PLDT benefits from the company's dominant market position and its improving financial profile.

Nevertheless, these strengths are offset by slowing domestic subscriber growth, heightened competition and the risk of peso depreciation, S&P added.

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