"PLDT Inc.'s persistently high capital expenditure (capex) will continue to weigh on its balance sheet," the credit rater said in a statement. The revision is dated March 31, with S&P pointing out that the funding crunch pushed the bilyonaryo Manny Pangilinan-led telco to incur a 2.8x to 3x debt-to-EBITDA ratio that's well beyond the threshold to remain at "BBB+." The credit rating downgrade meant borrowing abroad will likely be more expensive for PLDT, at a time of rising global interest rates and inflation.