CreditSights, a unit of Fitch Solutions, has retained its “Underperform” rating for PLDT Inc., even as it views the telecom firm’s planned data center real estate investment trust (REIT) initial public offering (IPO) as beneficial to its credit standing.
In its report, CreditSights noted the deal will be “net credit positive” since most proceeds will go toward debt repayment. Following the listing, PLDT’s projected net leverage—including lease obligations—should improve by around 0.2 times to 2.8 times.
The firm acknowledged PLDT’s stable credit profile, supported by its leading positions in broadband and mobile services, lower capital spending on mobile networks, and asset monetization efforts. However, it remains cautious due to intense industry competition and growing dividend payouts.
Named VITRO REIT, the vehicle is set to hold eight operational data centers with a combined capacity of 24 megawatts, mostly Tier 3 facilities. The offering aims to raise up to ₱24.2 billion by selling a 49% stake, with the IPO targeted for the fourth quarter of 2026. Net proceeds will be used mainly to reduce debt, with other uses allowed under REIT reinvestment rules.
As of end-March 2026, PLDT reported total gross debt of ₱297.3 billion and net debt of ₱282.3 billion. VITRO REIT’s assets serve enterprise, cloud, and large-scale data clients across the country. UBS AG Singapore Branch and BPI Capital Corporation lead the international and domestic underwriting, respectively.
