Fitch cuts PLDT rating on capex, earnings pressures

Ratings on Thursday cut Philippine Long Distance Telephone Co.’s (PLDT) long- term local currency issuer default rating (LC IDR) to ‘BBB+’ from ‘A-’, noting increased capital expenditures (capex) and earnings pressures.

The telco’s long-term foreign-currency IDR (FC IDR) and its foreign-currency senior unsecured rating, meanwhile, were kept at ‘BBB’, as was the national rating at ‘AAA’. The