(Bloomberg) -- Chips are set to remain in short supply for at least a year as demand from carmakers and other manufacturers remains robust, and ramping up production capacity takes time, said the head of Southeast Asia’s Integrated Micro-Electronics Inc.The maker of electronic components, a unit of Philippine conglomerate Ayala Corp., has already topped 2020 in order bookings this year as economies reopen, said Arthur Tan, IMI’s chief executive officer. With more than 20 facilities in 10 countri
Rating Action: Moody's affirms PLDT at Baa2; outlook remains stableGlobal Credit Research - 18 Mar 2021Hong Kong, March 18, 2021 -- Moody's Investors Service has affirmed PLDT Inc.'s Baa2 issuer rating. The rating outlook remains stable."The affirmation of PLDT's rating reflects its leading market position and healthy margins, which, coupled with the management's financial discipline, will keep the company's leverage at around 2.6x-2.8x over the next 12-18 months," says Annalisa Di Chiara, a Moody's Senior Vice President and the Lead Analyst for PLDT. "However, a commitment to shareholder returns and high capex levels will continue to strain the company's free cash flow over the next one to two years."RATINGS RATIONALEThe affirmation of the rating reflects PLDT's (1) dominant market position in the Philippines' telecommunications market, (2) strong margins when compared with its global telecommunication peers in the Baa rating category, (3) solid credit profile, and (4) good liquidity.PLDT is the leading telecommunications provider in the Philippines, with a 49% share of mobile subscribers and over 50% share of market revenues at the end of 2020.