Four Philippine companies' ratings were lifted following the upgrade on the Philippines' credit status by Standard and Poor's Ratings Services' on Thursday.
Philippine Long Distance Telephone Co
Corporate credit
To: BBB+, stable outlook
From: BBB, stable outlook
"The rating on PLDT remains constrained by our 'BBB+' transfer and convertibility assessment on the Philippines," S&P said.
Its stand-alone credit for the country's biggest telecommunications firm remains 'a-' as it benefits from its leading position in the domestic market, good business diversity, strong cash flows, and modest debt level. However, the "intense competition" in the mature domestic cellular market and large dividend payouts of almost 100 percent temper these strengths, the ratings agency said.
Power Sector Asset & Liabilities Management Corp and National Power Corp
To: BBB, stable outlook
From: BBB-, stable outlook
S&P said the stand-alone credit profiles of PSALM and Napocor are "weak" and "heavily dependent on the support of the Philippine government." Thus in times of financial distress, the two utilities are "almost certain" to receive timely and sufficient government aid.
Development Bank of the Philippines
To: BBB, stable outlook, A-2
From: BBB-, stable outlook, A-3
The ratings on DBP were equalized by S&P with the sovereign credit ratings on the Philippines as it is almost certain that the government would come to the rescue of the state-run bank by providing timely and sufficient aid in time of financial distress.
- Interkasyon
Philippine Long Distance Telephone Co
Corporate credit
To: BBB+, stable outlook
From: BBB, stable outlook
"The rating on PLDT remains constrained by our 'BBB+' transfer and convertibility assessment on the Philippines," S&P said.
Its stand-alone credit for the country's biggest telecommunications firm remains 'a-' as it benefits from its leading position in the domestic market, good business diversity, strong cash flows, and modest debt level. However, the "intense competition" in the mature domestic cellular market and large dividend payouts of almost 100 percent temper these strengths, the ratings agency said.
Power Sector Asset & Liabilities Management Corp and National Power Corp
To: BBB, stable outlook
From: BBB-, stable outlook
S&P said the stand-alone credit profiles of PSALM and Napocor are "weak" and "heavily dependent on the support of the Philippine government." Thus in times of financial distress, the two utilities are "almost certain" to receive timely and sufficient government aid.
Development Bank of the Philippines
To: BBB, stable outlook, A-2
From: BBB-, stable outlook, A-3
The ratings on DBP were equalized by S&P with the sovereign credit ratings on the Philippines as it is almost certain that the government would come to the rescue of the state-run bank by providing timely and sufficient aid in time of financial distress.
- Interkasyon
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