S&P lifts Psalm, Napocor, Philippine Long Distance

Standard & Poor's said it raised the long-term foreign-currency corporate credit ratings on three Philippine companies - Power Sector Assets & Liabilities Management Corp. (Psalm), National Power Corp. (Napocor) and Philippine Long Distance Telephone Co.

The outlook is stable.

S&P also said it affirmed the long-term local-currency corporate ratings on Psalm and Napocor and revised their outlooks to stable from positive.

S&P also raised the issue rating on all three companies. The Asean scale long-term rating on Philippine Long Distance also was raised to axA- from axBBB+.

Psalm's foreign-currency corporate credit rating was raised to BB+ from BB, local-currency corporate credit rating to BB+ f rom BB+ and senior unsecured rating to BB+ from BB.

Napocor's foreign-currency corporate credit rating was raised to BB+ from BB and its senior unsecured rating to BB+ from BB. Its local-currency corporate credit rating was affirmed at BB+.

Philippine Long Distance's foreign-currency corporate credit rating was raised to BBB- from BB+, Asean regional scale rating to axA- from axBBB+ and senior unsecured rating to BBB- from BB+.

These actions come after the agency raised the foreign-currency sovereign credit rating on the Republic of Philippines, S&P said.

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