Fitch upgrades PLDT to BBB+

Fitch Ratings said it upgraded PLDT Inc.'s long-term foreign-currency issuer default rating to BBB+ from BBB and affirmed its long-term local-currency issuer default rating at BBB+ and national long-term rating at AAA(phl).

The outlook is stable.

Fitch said the upgrade follows the upgrade Dec. 10 of the Philippines' country ceiling. The country ceiling upgrade was to the same level as PLDT's local-currency issuer default rating, meaning that the foreign-currency issuer default rating was no longer constrained to a notch below the local-currency issuer default rating.

The country ceiling tends to cap foreign-currency ratings, reflecting a country's foreign-currency transfer and convertibility risk, the agency explained.

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