S&P lifts four Philippine companies to positive

Standard & Poor's said it revised the outlooks to positive from stable on four Philippine entities - Power Sector Assets & Liabilities Management Corp. (Psalm), National Power Corp. (Napocor), Philippine Long Distance Telephone Co. (PLDT) and Development Bank of the Philippines.

The outlook revision comes after a similar action on the sovereign credit rating on the Republic of Philippines, S&P said.

The agency also said it affirmed Psalm's and Napocor's foreign-currency corporate credit rating at BB+, local-currency corporate credit rating at BB+, Asean regional scale at axBBB+ and senior unsecured rating at BB+.

S&P also affirmed PLDT's foreign-currency corporate credit rating at BBB-, Asean regional scale at axA- and senior unsecured rating at BBB-.

Development Bank's issuer credit rating was affirmed at BB+, Asean regional scale at axBBB+/axA-2, senior unsecured rating at BB+, subordinated rating at BB- and junior subordinated rating at BB-.

The stand-alone credit profiles of Psalm and Napocor as weak and heavily dependent on the support of the Philippine government, S&P said.

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