Fitch upgrades Philippine Long Distance

Fitch Ratings said it upgraded the Philippine Long Distance Telephone Co.'s long-term foreign-currency issuer default rating and senior unsecured rating to BBB from BBB-.

The long-term local-currency issuer default rating and national long-term rating were affirmed at A- and AAA(phl), respectively.

The outlook is stable.

The upgrade follows a similar upgrade of the Philippines' sovereign ratings, Fitch said.

The ratings on Philippine Long Distance remain constrained by the Philippines' BBB country ceiling, reflecting the country's foreign-currency transfer and convertibility risk, Fitch said.

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