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Fitch Assigns Philippine Airlines First-Time BB Rating

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Philippine Airlines, a subsidiary of PAL Holdings (PSE:PAL), received a first-time BB long-term issuer default rating from Fitch Ratings, with a stable outlook.

The rating reflects the carrier's market position in the domestic and international air passenger markets, as well as its diversified route network and business mix, Fitch said in a statement Wednesday.

The rating is constrained by weaker EBITDAR fixed-charge coverage compared with rated airline peers, although this is offset by the company's "sound liquidity" position, the ratings agency added.

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