Fitch ups PLDT local rating

Fitch Ratings said it upgraded Philippine Long Distance Telephone Co.'s (PLDT) long-term local currency rating to BB+ from BB and removed it from Rating Watch positive. The outlook on the long-term local currency rating is stable.

At the same time, Fitch has affirmed the company's long-term foreign currency rating, its global bonds and senior notes at BB and its convertible preferred stock at B+. The outlook on the affirmed ratings remains negative, reflecting the outlook of the Republic of the Philippines' long-term foreign currency rating.

Fitch's action comes after Fitch placed the rating on Watch Positive on April 1 and reflects the company's stable operating performance and consistent improvement in financial profile over a sustained period.

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