Moody's ups Globe Telecom local currency to Baa2

Moody's Investors Service said it raised the local currency corporate family rating of Globe Telecom, Inc. to Baa2 from Baa3 with a stable outlook.

At the same time, Moody's assigned a Baa2 local currency issuer rating with a stable outlook, given the company is investment grade without issues of subordination.

Moody's also affirmed Globe's Ba2 foreign currency senior unsecured ratings, which were not subject to the review, with a negative outlook.

Moody's said Globe continues to demonstrate an ability to sustain a stable operating platform, including sound credit metrics, and is one of two entities enjoying an enviable position in the healthy Filipino cellular market.

The company, however, is exposed to moderate systemic risk and may be susceptible to changes in government fiscal policy and/or the regulatory environment, Moody's added.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.