- Language: English
- 106 Pages
- Published: May 2012
- Region: Philippines
Summary: Philippine Long Distance Telephone Co. Dec 11
- ID: 2032623
- December 2011
- Region: Philippines
- Standard & Poors
The rating on Philippine Long Distance Telephone Co. (PLDT) reflects the country, macroeconomic, and transfer and convertibility (T&C) risk of the Philippines (foreign currency BB/Stable/B; local currency BB+/Stable/B; axBBB+/axA-2). The rating also reflects the high price competition in the domestic cellular market with slowing subscriber growth. PLDT's strong position in the domestic market, diversified services, integrated network, and solid cash flow measures temper these weaknesses. The acquisition of Digital Telecommunications Philippines Inc. (Digitel) in October 2011 complements PLDT's market position. Our 'BB+' T&C assessment for the Philippines constrains the rating on PLDT. We expect growth in the Philippine cellular market to continue to come from the mass-market segments, particularly from the outskirts of Metro Manila. These segments have lower average...
Companies mentioned in this report are: Philippine Long Distance Telephone Co.
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
This product consists of a Summary Analysis: Bi-annual (at least). An abbreviated analysis containing Standard & Poor's issuer credit ratings as of the time the article was published. The analysis includes a rating rationale - the basis on which the rating was assigned - and an outlook section if the issuer is not on CreditWatch. Financial statistics are not included.
SHOW LESS READ MORE >
Philippine Long Distance Telephone Co.