Moody's boosts Globe Telecom view to stable

Moody's Investors Service said it affirmed Philippines-based Globe Telecom, Inc.'s Ba2 senior unsecured foreign-currency rating and changed its outlook to stable from negative. Moody's also affirmed Globe's Baa2 domestic-currency issuer rating. The outlook for this rating remains stable.

The action was prompted by the change in outlook on the Philippines' Ba3 country ceiling for foreign-currency bonds to stable from negative, Moody's said.

The baseline credit assessment of 10 is underpinned by Globe's position as the second-largest telecommunications operator in the Philippines, as well as its healthy financial profile and free cash flow generative status, including a sound debt maturity and liquidity profile, the agency said.

On the other hand, the rating factors in Globe's exposure to an inherently volatile regional economy and the risks associated with the political uncertainty evident in the Philippines.

© 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.