Moody's ups Philippines Long Distance bonds to Ba1

Moody's Investors Service said it upgraded to Ba1 from Ba2 the foreign-currency bond rating of Philippine Long Distance Telephone Co. and affirmed the company's Baa2 local-currency issuer rating.

The outlook is stable.

This action follows Moody's decision to upgrade the Republic of Philippines government's B1 long-term foreign-currency rating to Ba3 and the foreign-currency country ceiling to Ba1 from Ba3. The company's Ba1 foreign-currency debt rating is now in line with the Philippines' country ceiling for foreign-currency bonds.

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