Fitch downgrades PLDT

Fitch Ratings said it downgraded PLDT Inc.'s long-term foreign and local currency issuer default rating to BBB from BBB+.

The agency simultaneously affirmed the national long-term rating at AAA(phl).

The outlook is stable.

“The action reflects our expectations of PLDT's weakening credit metrics as a result of its more aggressive capex strategy over the next three years,” Fitch said in a news release.

“The company is also likely to rely on further debt financing, given the anticipated slow recovery in EBITDA. This is despite its stated intention to fund the additional capex through asset sales.”

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