Moody's rates Philippine Long Distance Ba2

Moody's Investors Service said it placed the ratings of Philippine Long Distance Telephone Co. on review for possible upgrade.

Moody's also said it assigned the company a local currency corporate family rating of Ba2 and placed it on review for possible upgrade. The review for upgrade results from continual improvements in the company's financial risk profile, Moody's said.

The ratings on review include local currency corporate family rating of Ba2, foreign currency senior unsecured rating of Ba3, foreign currency senior unsecured shelf rating of (P)Ba3, foreign currency preferred stock rating of B1 and foreign currency preferred stock shelf rating of (P)B1.

Moody's said the company plans to approach holders of certain bonds, roughly $312 million, to either gain their consent to a change in the restrictive payments covenant or to tender their bonds, but Moody's said it does not expect either the covenant changes or the prospective tendering of the bonds to adversely impact the company's credit profile.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.