PLDT claims it received investment grade rating from Fitch, Moody’s, S&P

Listed telco Philippine Long Distance Telephone Company (PLDT) said Monday it is the first Philippine company to garner an investment grade credit rating by all three major credit watchdogs.   “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 rating agencies,” PLDT chairman Manuel Pangilinan said in a statement with the Philippine Stock Exchange .   Standard & Poor’s Ratings Services on Thursday said PLDT’s long-term foreign currency credit rating is at ‘BBB-’ from ‘BB+’ following a recent Philippine sovereign credit rating upgrade.   S&P said the ratings outlook for PLDT is stable. It also raised the ASEAN scale long-term rating to ‘aXA-’from ‘axBBB+.’   The ratings of both Moody’s Investor Service and Fitch Ratings are considered investment grade.   In May, Moody’s raised its outlook on PLDT’s credit ratings to positive from stable, covering foreign currency bond and local currency issuer with ratings at investment grade.   Fitch last November pegged PLDT’s long-term foreign and local currency issuer default ratings at ‘BBB-’ and ‘A-’ respectively.   PLDT currently services 68 percent of the cellular market, 64 percent of the broadband market, and 65 percent of fixed line business, according to the press release.   PLDT offers fixed line, wireless and business process outsourcing services and is the largest telecommunications service provider in the country. — Marc Cayabyab/VS, GMA News