Fitch ups Globe Telecom to BBB-

Fitch Ratings said it upgraded Globe Telecom's long-term local-currency issuer default rating to BBB- from BB+ and affirmed its long-term foreign-currency issuer default rating of BB+, national long-term rating at AAA(phl) and its senior unsecured debt instruments at BB+.

The outlook is stable.

The upgrade recognizes the strengthening of the company's financial profile through 2006 and the first half of 2007, marked by a steady improvement in group EBITDAR margins and reductions in gross and net debt-levels, Fitch said.

The upgrade also reflects Globe's entrenched second position in the Philippines telecommunications market, with market shares of about 14% in local exchange service, 38% in cellular services and 16% in broadband services as at June 2007, the agency added.

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