Fitch lifts PLDT to stable

Fitch Ratings said it revised the outlook on PLDT Inc.'s long-term local-currency issuer default rating to stable from negative.

The rating also was affirmed at BBB+.

The agency also simultaneously affirmed the company's long-term foreign-currency issuer default rating at BBB and national long-term rating at AAA(phl).

The outlook is stable.

The outlook revision reflects expectations that PLDT can maintain FFO adjusted net leverage of less than 2.5x, Fitch said.

The company has been divesting non-core assets in its commitment towards de-leveraging, the agency said.

The outlook revision also considers an expectation of a gradual recovery in EBITDA, reflecting the company's strategic focus on profitable growth and expanding fixed-line revenue, Fitch said.

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