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Moody's upgrades Philippine Long Distance
Moody's Investors Service said it upgraded the foreign-currency bond rating of Philippine Long Distance Telephone Co. to Baa3 from Ba1.
The agency also said it affirmed its local-currency issuer rating at Baa2.
The outlook is stable.
The upgrade follows an upgrade of the Philippines government's Ba3 long-term foreign-currency rating to Ba2 and the foreign-currency country ceiling to Baa3 from Ba1, the agency said.
The company's Baa3 foreign-currency debt rating remains in line with the Philippines' country ceiling for foreign-currency bonds, Moody's said.
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