Telecom giant Philippine Long Distance Telecommunications Co. (PLDT) became the first Philippine firm to earn investment grade ratings from credit global watchers Standard & Poor’s (S&P), Moody’s Investors Service and Fitch Ratings.
In a disclosure to the Philippine Stock Exchange, PLDT said that it has earned the distinction of being the first Philippine company to be given investment grade credit ratings by all three major international credit watchers, following the recent upgrade by S&P’s Ratings Service.
“We are gratified that PLDT is the first corporate in the country to obtain such ratings from the three major global credit watchers,” said PLDT President Napoleon Nazareno.
“We are pleased with the recent credit rating action by S&P. The overall financial strength and competitive advantage of PLDT are reflected in the distinction of being the only Philippine company whose debt ratings are similarly regarded as investment grade by all three international agencies,” he added.
On Thursday, S&P raised PLDT’s long-term foreign currency credit rating to Investment Grade at “BBB” from “BB+,” which came after the recent Philippine sovereign credit rating upgrade.
“PLDT has strong position in the domestic market, diversified services, integrated network, and solid cash flow measure,” said S&P credit analyst Paul Draffin.
In May, Moody’s improved its outlook on PLDT’s ratings to positive from stable with the foreign currency bond and local currency issuer ratings at “Baa3,” which is considered investment grade.
Also in November last year, Fitch affirmed PLDT’s long-term foreign and local currency issuer default ratings BBB- and A-, respectively. The ratings of Moody’s and Fitch are also considered investment grade.
PLDT is the leading telecommunications provider in the Philippines. Through its three principal business groups—fixed line, wireless, and information and communication technology—it offers the largest and most diversified range of telecommunications services across the Philippines’ most extensive fiber optic backbone and fixed line, cellular and satellite networks.
News from the Manila Times