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01.06.2016 05:27:00
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Philippine Long Distance Telephone Company -- Moody's: PLDT's acquisition of San Miguel's telecommunications business is credit negative
Hong Kong, June 01, 2016 -- Moody's Investors Service says that Philippine Long Distance Telephone Company's (PLDT, Baa2 stable) acquisition of San Miguel Corporation's (SMC, unrated) telecommunication business is credit negative as this partially debt-financed acquisition will cause its leverage to rise into the 2.5x range by year-end, which is at the upper end of leverage tolerance for its Baa2 issuer rating. Moreover, this comes at the time when PLDT's operating performance is under pressure.
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