PLDT's credit score kept at BBB

Telco giant PLDT Inc. has retained a credit score of "BBB" from S&P Global Ratings on the resolution of its budget mess and the strength of its broadband business, although risks are becoming harsher.

- By ELIJAH FELICE ROSALES

S&P yesterday said it is maintaining the “BBB” credit rating for PLDT, believing that the telco has succeeded in improving spending controls to resolve the budget mess revealed in 2022.

The credit rating agency also adjusted its management and governance score of PLDT to neutral, from moderately negative, because of improvements in the balance sheet of the telco.

S&P projects PLDT's capital expenditures to land between P63 billion and P66 billion this year, far from the P94 billion it spent in 2022. The telco has also brought down its commitments related to the budget mess to P3.4 billion as of Sept. 30 from P33 billion in 2023.