-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 Pra+sTxtDGOvU4IXe8MIBfRS3Cdv/2N1k3oLYlSRRvXUq4+ZCte+/akvolFNhgES
 YKnSoqKQ8fPr5CgbjEpEbw==

<SEC-DOCUMENT>0000078150-05-000050.txt : 20051107
<SEC-HEADER>0000078150-05-000050.hdr.sgml : 20051107
<ACCEPTANCE-DATETIME>20051107062417
ACCESSION NUMBER:		0000078150-05-000050
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20051107
FILED AS OF DATE:		20051107
DATE AS OF CHANGE:		20051107

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PHILIPPINE LONG DISTANCE TELEPHONE CO
		CENTRAL INDEX KEY:			0000078150
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-03006
		FILM NUMBER:		051182061

	BUSINESS ADDRESS:	
		STREET 1:		RAMON CONJUANGCO BLDG
		STREET 2:		MAKATI AVE
		CITY:			MAKATI METRO MANILA
		STATE:			R6
		ZIP:			0721
		BUSINESS PHONE:		0116328143552

	MAIL ADDRESS:	
		STREET 1:		RAMON CONJUANGCO BLDG
		STREET 2:		MAKATI AVE
		CITY:			MAKATI METRO MANILA
		STATE:			R6
		ZIP:			0721
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>standardpoorussec.htm
<DESCRIPTION>PRESS RELEASE
<TEXT>
<html>

<head>
<meta content="text/html; charset=windows-1252">
<meta name=Generator content="Microsoft Word 10 (filtered)">
<title>standardpoorussec</title>

<!--
 /* Font Definitions */
 @font-face
	{font-family:"MS Mincho";
	panose-1:2 2 6 9 4 2 5 8 3 4;}
@font-face
	{font-family:Batang;
	panose-1:2 3 6 0 0 1 1 1 1 1;}
@font-face
	{font-family:"Bookman Old Style";
	panose-1:2 5 6 4 5 5 5 2 2 4;}
@font-face
	{font-family:Garamond;
	panose-1:2 2 4 4 3 3 1 1 8 3;}
@font-face
	{font-family:"Courier Bold";
	panose-1:0 0 0 0 0 0 0 0 0 0;}
@font-face
	{font-family:"\@Batang";
	panose-1:2 3 6 0 0 1 1 1 1 1;}
@font-face
	{font-family:"\@MS Mincho";
	panose-1:2 2 6 9 4 2 5 8 3 4;}
 /* Style Definitions */
 p.MsoNormal, li.MsoNormal, div.MsoNormal
	{margin:0in;
	margin-bottom:.0001pt;
	font-size:12.0pt;
	font-family:"Times New Roman";}
h3
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:center;
	page-break-after:avoid;
	font-size:11.0pt;
	font-family:Arial;
	font-weight:normal;}
h4
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:justify;
	text-justify:inter-ideograph;
	page-break-after:avoid;
	font-size:11.0pt;
	font-family:Arial;
	font-style:italic;}
h6
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:center;
	page-break-after:avoid;
	font-size:16.0pt;
	font-family:Arial;}
p.MsoHeading9, li.MsoHeading9, div.MsoHeading9
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:center;
	page-break-after:avoid;
	font-size:11.0pt;
	font-family:"Bookman Old Style";
	letter-spacing:-.15pt;
	layout-grid-mode:line;
	font-weight:bold;}
p.MsoHeader, li.MsoHeader, div.MsoHeader
	{margin:0in;
	margin-bottom:.0001pt;
	font-size:12.0pt;
	font-family:"Times New Roman";}
p.MsoFooter, li.MsoFooter, div.MsoFooter
	{margin:0in;
	margin-bottom:.0001pt;
	font-size:12.0pt;
	font-family:"Times New Roman";}
p.MsoEndnoteText, li.MsoEndnoteText, div.MsoEndnoteText
	{margin:0in;
	margin-bottom:.0001pt;
	font-size:12.0pt;
	font-family:"Courier Bold";
	layout-grid-mode:line;}
p.MsoTitle, li.MsoTitle, div.MsoTitle
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:center;
	font-size:14.0pt;
	font-family:Arial;
	font-weight:bold;}
p.MsoBodyText, li.MsoBodyText, div.MsoBodyText
	{margin:0in;
	margin-bottom:.0001pt;
	font-size:12.0pt;
	font-family:Arial;}
p.MsoBodyTextIndent, li.MsoBodyTextIndent, div.MsoBodyTextIndent
	{margin:0in;
	margin-bottom:.0001pt;
	text-indent:.5in;
	font-size:12.0pt;
	font-family:"Times New Roman";}
p.MsoBodyText2, li.MsoBodyText2, div.MsoBodyText2
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:justify;
	text-justify:inter-ideograph;
	font-size:12.0pt;
	font-family:Arial;}
p.MsoBodyText3, li.MsoBodyText3, div.MsoBodyText3
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:center;
	font-size:14.0pt;
	font-family:Arial;
	font-weight:bold;}
p.MsoBodyTextIndent2, li.MsoBodyTextIndent2, div.MsoBodyTextIndent2
	{margin:0in;
	margin-bottom:.0001pt;
	text-align:justify;
	text-justify:inter-ideograph;
	text-indent:-4.5pt;
	font-size:12.0pt;
	font-family:Arial;}
p.MsoBlockText, li.MsoBlockText, div.MsoBlockText
	{margin-top:0in;
	margin-right:42.0pt;
	margin-bottom:0in;
	margin-left:.75in;
	margin-bottom:.0001pt;
	text-align:justify;
	text-justify:inter-ideograph;
	font-size:12.0pt;
	font-family:Arial;}
a:link, span.MsoHyperlink
	{color:blue;
	text-decoration:underline;}
a:visited, span.MsoHyperlinkFollowed
	{color:purple;
	text-decoration:underline;}
pre
	{margin:0in;
	margin-bottom:.0001pt;
	font-size:10.0pt;
	font-family:"Courier New";}
p.Default, li.Default, div.Default
	{margin:0in;
	margin-bottom:.0001pt;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;
	color:black;}
p.CM1, li.CM1, div.CM1
	{margin:0in;
	margin-bottom:.0001pt;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;}
p.CM2, li.CM2, div.CM2
	{margin:0in;
	margin-bottom:.0001pt;
	line-height:13.3pt;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;}
p.CM3, li.CM3, div.CM3
	{margin:0in;
	margin-bottom:.0001pt;
	line-height:13.55pt;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;}
p.CM14, li.CM14, div.CM14
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:16.75pt;
	margin-left:0in;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;}
p.CM4, li.CM4, div.CM4
	{margin:0in;
	margin-bottom:.0001pt;
	line-height:13.15pt;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;}
p.CM5, li.CM5, div.CM5
	{margin:0in;
	margin-bottom:.0001pt;
	line-height:13.15pt;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;}
p.CM15, li.CM15, div.CM15
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:13.15pt;
	margin-left:0in;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;}
p.CM16, li.CM16, div.CM16
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:32.15pt;
	margin-left:0in;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;}
p.CM6, li.CM6, div.CM6
	{margin:0in;
	margin-bottom:.0001pt;
	line-height:13.15pt;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;}
p.CM7, li.CM7, div.CM7
	{margin:0in;
	margin-bottom:.0001pt;
	line-height:13.15pt;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;}
p.CM8, li.CM8, div.CM8
	{margin:0in;
	margin-bottom:.0001pt;
	line-height:13.15pt;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;}
p.CM18, li.CM18, div.CM18
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:39.4pt;
	margin-left:0in;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;}
p.CM19, li.CM19, div.CM19
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:26.25pt;
	margin-left:0in;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;}
p.CM9, li.CM9, div.CM9
	{margin:0in;
	margin-bottom:.0001pt;
	line-height:13.15pt;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;}
p.CM10, li.CM10, div.CM10
	{margin:0in;
	margin-bottom:.0001pt;
	line-height:13.3pt;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;}
p.CM11, li.CM11, div.CM11
	{margin:0in;
	margin-bottom:.0001pt;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;}
p.CM12, li.CM12, div.CM12
	{margin:0in;
	margin-bottom:.0001pt;
	line-height:13.15pt;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;}
p.CM13, li.CM13, div.CM13
	{margin:0in;
	margin-bottom:.0001pt;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;}
p.CM20, li.CM20, div.CM20
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:5.5pt;
	margin-left:0in;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;}
p.CM17, li.CM17, div.CM17
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:9.0pt;
	margin-left:0in;
	text-autospace:none;
	font-size:12.0pt;
	font-family:Arial;}
p.4BODY, li.4BODY, div.4BODY
	{margin-top:0in;
	margin-right:0in;
	margin-bottom:12.0pt;
	margin-left:0in;
	line-height:18.0pt;
	font-size:12.0pt;
	font-family:Garamond;}
p.5MORE, li.5MORE, div.5MORE
	{margin-top:6.0pt;
	margin-right:0in;
	margin-bottom:0in;
	margin-left:0in;
	margin-bottom:.0001pt;
	text-align:center;
	font-size:12.0pt;
	font-family:Garamond;}
 /* Page Definitions */
 @page Section1
	{size:8.5in 11.0in;
	margin:.5in .5in .5in .5in;}
div.Section1
	{page:Section1;}
@page Section2
	{size:8.5in 11.0in;
	margin:1.0in 1.25in 1.0in 1.25in;}
div.Section2
	{page:Section2;}
 /* List Definitions */
 ol
	{margin-bottom:0in;}
ul
	{margin-bottom:0in;}
- -->

</head>

<body style='font-family:arial,helvetica,sans-serif;font-size:9pt'  lang=EN-US link=blue vlink=purple style='text-justify-trim:punctuation'>

<div>

<p style='margin-top:0in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-bottom:0in;margin-bottom:.0001pt;line-height:normal' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">SECURITIES AND EXCHANGE COMMISSION</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Washington, D.C.  20549</p>

<p style='margin-top:0in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">FORM 6 -K</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Report of Foreign Private Issuer</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Pursuant to Rule 13a-16 or 15d-16 </p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Of the Securities Exchange Act of 1934</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">For the month of November 2005</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Commission File Number 1-03006</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Philippine Long Distance Telephone Company</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">(Exact Name of Registrant as specified in its
Charter)</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Ramon Cojuangco Building</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Makati Avenue</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Makati City</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">Philippines</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">(Address of principal executive offices)</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">(Indicate by check mark whether the registrant files or
will file annual reports under cover of Form 20-F or Form 40-F.)</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0
 style='margin-left:144.9pt;border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Form 20-F:  y</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Form 40-F:  o</p>
 </td>
 </tr>
</table></center></div>

<p align=center style='margin-top:0in;margin-right:42.0pt;
margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-top:0in;margin-right:42.0pt;margin-bottom:
0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">(Indicate by check mark
whether by furnishing the information contained in this form, the registrant is
also thereby furnishing the information to the commission pursuant to Rule
12g3-2(b) under the Securities Exchange Act 1934.)</p>

<p align=center style='margin-top:0in;margin-right:42.0pt;
margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0
 style='margin-left:144.9pt;border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='margin-top:0in;margin-right:42.0pt;margin-bottom:
 0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify;text-justify:
 inter-ideograph' style="margin-top:0;margin-bottom:0">Yes: o</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='margin-top:0in;margin-right:42.0pt;margin-bottom:
 0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify;text-justify:
 inter-ideograph' style="margin-top:0;margin-bottom:0">No:  y</p>
 </td>
 </tr>
</table></center></div>

<p align=center style='margin-top:0in;margin-right:42.0pt;
margin-bottom:0in;margin-left:.75in;margin-bottom:.0001pt;text-align:center' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-top:0in;margin-right:42.0pt;margin-bottom:
0in;margin-left:.75in;margin-bottom:.0001pt;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">(If &#147;Yes&#148; is marked, indicate
below the file number assigned to the registrant in connection with Rule
12g3-2(b):  82-_____)</p>

<br clear=all
style='page-break-before:always'>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='margin-left:.5in;text-align:left' style="margin-top:0;margin-bottom:0">Enclosure:</p>

<p style='text-align:justify;text-justify:inter-ideograph;
text-indent:42.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph;
text-indent:42.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph;
text-indent:42.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-top:0in;margin-right:.5in;margin-bottom:
0in;margin-left:.5in;margin-bottom:.0001pt;text-indent:.5in' style="margin-top:0;margin-bottom:0">A copy of the disclosure
letter we sent today to the Philippine Stock Exchange and the Securities and
Exchange Commission regarding the press release issued by Standard &amp; Poor&#146;s
Ratings Services (Standard &amp; Poor&#146;s) dated November 3, 2005 announcing that
Standard &amp; Poor&#146;s raised 25 non-sovereign credit ratings in Latin America
and Asia/Pacific region following a review of the transfer and convertibility
risk in these markets.  <a name="OLE_LINK1">As a result of this re-assessment, PLDT&#146;s
foreign currency rating was upgraded two notches to BB+ with a stable outlook
from BB- with a negative outlook.</a></p>

<br clear=all
style='page-break-before:always'>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  cellpadding=0 cellspacing=0>
 <tr>
 <td  height=62 style='vertical-align:top'>



 <div style='padding:3.6pt 7.2pt 3.6pt 7.2pt'>
 <p style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>
 </div>
 <p style="margin-top:0;margin-bottom:0">

 &nbsp;</td>
 </tr>
</table></center></div>

&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<br clear=ALL>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">November 7, 2005</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">&nbsp;</h3>
 </td>
 </tr>
</table></center></div>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">The Philippine Stock Exchange</h6>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Disclosure Department</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">4<sup>th</sup> Floor PSE Centre</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Exchange Road, Ortigas Center</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Pasig City</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Attention:        Ms. Jurisita M. Quintos </p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">                        <u>Senior Vice President </u></p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">Ladies and Gentlemen:</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">In
compliance with Section 17.1(b) and Section 17.3 of the Securities Regulation
Code, we submit herewith a copy of SEC Form 17-C with a press release issued by
Standard &amp; Poor&#146;s Ratings Services (Standard &amp; Poor&#146;s) attached thereto.</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0">On November 3, 2005, Standard
&amp; Poor's announced that it raised 25 non-sovereign credit ratings in Latin
America and Asia/Pacific region following a review of the transfer and
convertibility risk in these markets.  According to Standard &amp; Poor's, the
reassessment of the transfer and convertibility risk means that certain issuers
that are deemed to be well insulated from direct and indirect sovereign risk
may achieve a foreign currency rating that exceeds the sovereign foreign
currency rating.  As a result of this reassessment, PLDT's foreign currency
rating was upgraded two notches to BB+ with a stable outlook from BB- with a
negative outlook.   </p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">This shall also serve as the disclosure letter for the
purpose of complying with PSE Revised Disclosure Rules.</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Respectfully yours,</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">MA. LOURDES C. RAUSA-CHAN</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Corporate Secretary</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">MLCRC:amq</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Encs.</p>

<br clear=all
style='page-break-before:always'>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">November
7, 2005</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">SECURITIES
&amp; EXCHANGE COMMISSION</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Money
Market Operations Department</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">SEC
Building, EDSA</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Mandaluyong
City</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Attention         :           Director
Justina F. Callangan</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">                                     Corporations
Finance Department</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Gentlemen:</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Re       :           Philippine Long Distance
Telephone Company</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">                        SEC
Registration No. PW-55</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">In
accordance with Section 17.1 (b) of the Securities Regulation Code, we submit
herewith five (5) copies of a Current Report with a press release issued by
Standard &amp;  Poor&#146;s Ratings Services (Standard &amp; Poor&#146;s) attached
thereto.</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-autospace:none' style="margin-top:0;margin-bottom:0">On November 3, 2005, Standard
&amp; Poor's announced that it raised 25 non-sovereign credit ratings in Latin
America and Asia/Pacific region following a review of the transfer and
convertibility risk in these markets.  According to Standard &amp; Poor's, the
reassessment of the transfer and convertibility risk means that certain issuers
that are deemed to be well insulated from direct and indirect sovereign risk
may achieve a foreign currency rating that exceeds the sovereign foreign
currency rating.  As a result of this reassessment, PLDT's foreign currency
rating was upgraded two notches to BB+ with a stable outlook from BB- with a
negative outlook.   </p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Very
truly yours,</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">MA. LOURDES C. RAUSA-CHAN</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Corporate Secretary</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">MLCRC:amq</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Encs.</p>

<br clear=all
style='page-break-before:always'>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">                                           <b>SECURITIES
AND EXCHANGE COMMISSION</b></p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

<p style='margin-top:0in' style="margin-top:0;margin-bottom:0"><b>SEC FORM 17-C</b></p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0"><b>&nbsp;</b></p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0"><b>CURRENT REPORT UNDER SECTION 17</b></p>

<p style="margin-top:0;margin-bottom:0">OF THE
SECURITIES REGULATION CODE</p>

<p style="margin-top:0;margin-bottom:0">AND SRC
RULE 17.1</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:.5in;text-align:justify;text-justify:
inter-ideograph;text-indent:-.5in' style="margin-top:0;margin-bottom:0">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
November 7,
2005</p>

<p style='margin-left:.5in;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">(Date of
earliest event reported)</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:.5in;text-align:justify;text-justify:
inter-ideograph;text-indent:-.5in' style="margin-top:0;margin-bottom:0">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
SEC
Identification Number  PW-55</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:.5in;text-align:justify;text-justify:
inter-ideograph;text-indent:-.5in' style="margin-top:0;margin-bottom:0">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
BIR Tax
Identification No. 000-488-793</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:.5in;text-align:justify;text-justify:
inter-ideograph;text-indent:-.5in' style="margin-top:0;margin-bottom:0">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
PHILIPPINE LONG DISTANCE TELEPHONE
COMPANY                                            </p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">            Exact
name of registrant as specified in its charter</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:.5in;text-align:justify;text-justify:
inter-ideograph;text-indent:-.5in' style="margin-top:0;margin-bottom:0">5.         PHILIPPINES
6. _____________ (SEC Use Only)  </p>

<p style='margin-left:.5in;text-align:justify;text-justify:
inter-ideograph;text-indent:-.5in' style="margin-top:0;margin-bottom:0">           Province, country or other
jurisdiction          Industry Classification Code</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">           of Incorporation</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">7.         10<sup>th</sup> Floor
PLDT Tower I, Ayala Avenue, Makati City                  1200 </p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">            Address of principal
office                                                               Postal
Code</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">8.         (632)
814-3664                                           </p>

<p style="margin-top:0;margin-bottom:0" style="margin-top:0;margin-bottom:0">           Registrant's
telephone number, including area code</h4>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">9.         Not
Applicable                                                               </p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">            Former name or
former address, if changed since last report</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">10.       Securities registered
pursuant to Sections 8 and 12 of the SRC</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">            Title of Each Class
          Number of Shares of Common Stock</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">
          Licensed and Amount of Debt Outstanding</p>

<p style='margin-left:.5in;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<br clear=all
style='page-break-before:always'>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">            Attached
hereto is a press release issued by Standard &amp; Poor&#146;s Ratings Services
(Standard &amp; Poor&#146;s).</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-indent:.5in;text-autospace:none' style="margin-top:0;margin-bottom:0">On November
3, 2005, Standard &amp; Poor's announced that it raised 25 non-sovereign credit
ratings in Latin America and Asia/Pacific region following a review of the transfer
and convertibility risk in these markets.  According to Standard &amp; Poor's,
the reassessment of the transfer and convertibility risk means that certain
issuers that are deemed to be well insulated from direct and indirect sovereign
risk may achieve a foreign currency rating that exceeds the sovereign foreign
currency rating.  As a result of this reassessment, PLDT's foreign currency
rating was upgraded two notches to BB+ with a stable outlook from BB- with a
negative outlook.   </p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=center style='text-align:center' style="margin-top:0;margin-bottom:0">SIGNATURE</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">            Pursuant
to the requirements of the Securities Regulation Code, the Registrant has duly
caused this report to be signed on its behalf by the undersigned hereto duly
authorized.</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<div align='center'><center><table style='font-family:arial,helvetica,sans-serif;font-size:9pt'  border=0 cellspacing=0 cellpadding=0
 style='border-collapse:collapse'>
 <tr>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 </td>
 <td  valign=top style=' padding:0in 5.4pt 0in 5.4pt'>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">PHILIPPINE
 LONG DISTANCE</p>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">TELEPHONE
 COMPANY</p>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">MA.
 LOURDES C. RAUSA-CHAN</p>
 <p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Corporate
 Secretary</p>
 </td>
 </tr>
</table></center></div>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Date:  November 7, 2005</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">Distribution Copies:  5 copies &#150; Securities &amp;
Exchange Commission</p>

<p style='text-align:justify;text-justify:inter-ideograph;
text-indent:.5in' style="margin-top:0;margin-bottom:0">                        1
copy    - Philippine Stock Exchange</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">                                    1 copy    -
Company Secretary</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='text-align:justify;text-justify:inter-ideograph' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<br clear=all
style='page-break-before:always'>

<p style='text-indent:.5in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0"><b>Research:</b></p>

<p style="margin-top:0;margin-bottom:0"><b>25 Ratings Raised Based Upon
Reduced Risk Of FOREX Controls </b></p>

<p style="margin-top:0;margin-bottom:0"><b>Publication date:                   </b>03-Nov-2005<br>
<b>Primary Credit Analysts:      </b>Laura Feinland Katz, New York (1)
212-438-7893;</p>

<p style="margin-top:0;margin-bottom:0">                                                laura_feinland_katz@standardandpoors.com</p>

<p style='margin-left:1.5in;text-indent:.5in' style="margin-top:0;margin-bottom:0">Marie Cavanaugh, New York (1) 212-438-7343; </p>

<p style='margin-left:1.5in;text-indent:.5in' style="margin-top:0;margin-bottom:0">marie_Cavanaugh@standardandpoors.com</p>

<p style="margin-top:0;margin-bottom:0"><b>Media Contact:                      </b>Mimi Barker, New York (1) 212-438-5054; </p>

<p style='margin-left:1.5in;text-indent:.5in;line-height:13.55pt' style="margin-top:0;margin-bottom:0">mimi_barker@standardandpoors.com<b> </b></p>

<pre style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:
1.5pt;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">NEW YORK (Standard &amp; Poor's) Nov. 3, 2005--Standard &amp; Poor's Ratings Services </pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">said today that it raised 25 nonsovereign credit ratings&#151;15 ratings in Latin </pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">America and 10 ratings in the Asia/Pacific region&#151;following a review of the </pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">transfer and convertibility risk in these markets (see Ratings List).</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">      &quot;The evidence shows that sovereigns in political and economic stress are </pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">less likely to restrict nonsovereign entities' access to foreign exchange </pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">needed for debt service,&quot; said Standard &amp; Poor's Managing Director Laura </pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Feinland Katz. &quot;As a result, Standard &amp; Poor's today also raised the ratings </pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">associated with the risk of foreign exchange controls in 27 countries,&quot; she </pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">added.</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">     An article published today and available on RatingsDirect, Standard &amp; </pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Poor's Web-based credit research and analysis system, entitled &quot;Ratings </pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Associated With Risk Of Foreign Exchange Controls Raised in 27 Countries,&quot; </pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">explains the reassessment of cross-border transfer and convertibility (T&amp;C) </pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">risk. Further information on how the criteria are applied to various types of </pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">entities and issue ratings can be found in a companion criteria article </pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">entitled, &quot;Ratings Above The Sovereign: Foreign Currency Rating Criteria </pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Update,&quot; also published today and available on RatingsDirect.</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">     A teleconference will be held on Friday, Nov. 4, 2005, at 10:00 a.m. </pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Eastern Standard Time to discuss the rating changes (see Teleconference </pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Information below for dial-in instructions). The ratings raised as a result of </pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">this reassessment are shown below. Some companies already had ratings above </pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">the sovereign foreign currency rating, and are not included in the Ratings </pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">List.</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">      &quot;In effect, the reassessment of T&amp;C risk means that certain issuers that </pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">are deemed to be well insulated from direct and indirect sovereign risk may </pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">achieve a foreign currency rating that exceeds the sovereign foreign currency </pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">rating,&quot; Mrs. Feinland Katz explained. &quot;These entities will tend to be those </pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">that demonstrate moderate leverage, strong free-cash-flow generation, and </pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">competitive business profiles. Other factors taken into consideration include </pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">strong offshore parent support, geographical diversity of operations, and </pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">structural support features,&quot; she concluded.</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">&nbsp;</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Teleconference Information</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Live dial-in numbers: </pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">U.S./All others: 1-484-630-6253</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Singapore: 65-6883-9196</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Spain: 34-91-414-15-45</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">&nbsp;</pre><pre
style='margin-top:.25in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">U.K.: 44-20-7943-5370</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Conference ID#: 6148791</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Passcode: SANDP</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">&nbsp;</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Replay number: 1-203-369-0203</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Replay will expire on Friday, Nov. 11, 2005</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">&nbsp;</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Live audio streaming:</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">URL: http://www.mymeetings.com</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Under events, select join an event</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Conference ID#: 6148791</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Passcode: SANDP</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">&nbsp;</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Replay Web streaming:</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">URL: http://www.mymeetings.com</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Under events, select join an event</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Conference ID#: 6148791</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Passcode: SANDP</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Web replay streaming will expire on Friday, Dec. 2, 2005</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">&nbsp;</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Ratings List</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">                                 To             From</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Latin America:</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">&nbsp;</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Federative Republic of Brazil</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Foreign currency rating          BB-/Stable/B</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">ALCOA Aluminio S.A..             BB+/WatchPos.  BB-/Stable</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Aracruz Celulose S.A.            BBB-/Stable    BB-/Stable</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Braskem S.A.                     BB/Stable      BB-/Stable</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Camargo Correa Cimentos S.A.    BB/Stable      BB-/Stable</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Companhia Siderurgica Nacional</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">  (CSN)                         BB/Stable      BB-/Stable</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Gerdau S.A.                     BB+/Stable     BB-/Stable</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Klabin S.A.                     BB/Stable      BB-/Stable</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Sadia S.A.                      BB/Stable      BB-/Stable</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Tele Norte Leste Participacoes</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">  S.A.                          BB/Stable      BB-/Stable</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Usina Siderugicas de Minas</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">  Gerais (Usiminas)             BB/Positive    BB-/Stable</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Votorantim Participacoes S.A.   BBB-/Stable    BB-/Stable</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">&nbsp;</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">United Mexican States</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Foreign currency rating         BBB/Stable/A-3</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">America Movil S.A. de C.V.      BBB+/Stable    BBB/Stable</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Grupo Bimbo, S.A. de C.V.       BBB+/Stable    BBB/Stable</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Kimberly-Clark de Mexico</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">  S.A. de C.V.                  A-/Stable      BBB+/Stable</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Telefonos de Mexico</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">  S.A. de C.V.                  BBB+/Stable    BBB/Stable</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">&nbsp;</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Asia/Pacific:</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">&nbsp;</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Republic of India</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Foreign currency rating         BB+/Stable/B</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Infosys Technologies Ltd.       BBB/Stable      BBB-/Stable</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">&nbsp;</pre>

<p style='margin-left:1.5pt;line-height:13.3pt' style="margin-top:0;margin-bottom:0"> </p>

<pre style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:
1.5pt;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">&nbsp;</pre><pre
style='margin-top:0in;margin-right:1.45pt;margin-bottom:0in;margin-left:1.45pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">&nbsp;</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Tata Steel Ltd.                 BBB/Stable      BB+/Stable</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">&nbsp;</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Republic of Indonesia</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Foreign currency rating         B+/Stable/B</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Sampoerna International</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">  Finance Co. B.V.              BB+/Stable      BB-/Stable</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">PT Bank Mandiri (Persero)       BB-/Stable      B+/Stable</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">PT Bank Danamon Indonesia Tbk   BB-/Stable      B+/Stable</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">&nbsp;</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Republic of Philippines</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Foreign currency rating         BB-/Negative/B</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Globe Telecom Inc.              BB+/Stable      BB-/Negative</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Philippine Long Distance</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">  Telephone Co.                 BB+/Stable      BB-/Negative</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Universal Robina Corp           BB/Stable       BB-/Negative</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">San Miguel Corp.                BB/Negative     BB-/Negative</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">&nbsp;</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Kingdom of Thailand</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Foreign currency rating         BBB+/Stable/A-2</pre><pre
style='margin-top:0in;margin-right:1.5pt;margin-bottom:0in;margin-left:1.5pt;
margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">Advanced Info Service</pre>

<p style="margin-top:0;margin-bottom:0">
Public Co. Ltd                A-/Stable       BBB+/Stable</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:10.4pt' style="margin-top:0;margin-bottom:0"><b>Additional Contacts:                     </b>Milena Zaniboni, Sao Paulo (55)
11-5501-8945; </p>

<p style='margin-left:2.0in;text-indent:.5in' style="margin-top:0;margin-bottom:0">milena_zaniboni@standardandpoors.com </p>

<p style='margin-left:2.0in;text-indent:.5in' style="margin-top:0;margin-bottom:0">Eduardo Uribe, Mexico City (52)
55-5081-4408; </p>

<p style='margin-left:2.0in;text-indent:.5in' style="margin-top:0;margin-bottom:0">eduardo_uribe@standardandpoors.com</p>

<p style='margin-left:2.0in;text-indent:.5in' style="margin-top:0;margin-bottom:0">Michael Petit, Tokyo (81) 3-4550-8701; </p>

<p style='margin-left:2.0in;text-indent:.5in' style="margin-top:0;margin-bottom:0">michael_petit@standardandpoors.com</p>

<p style='margin-left:2.0in;text-indent:.5in' style="margin-top:0;margin-bottom:0">John Bailey, Hong Kong (852) 2533-3530; </p>

<p style='margin-left:2.0in;text-indent:.5in' style="margin-top:0;margin-bottom:0">john_bailey@standardandpoors.com</p>

<p style='margin-left:2.0in;text-indent:.5in' style="margin-top:0;margin-bottom:0">David T Beers, London (44) 20-7176-7101; </p>

<p style='margin-left:2.0in;text-indent:.5in' style="margin-top:0;margin-bottom:0">david_beers@standardandpoors.com</p>

<p style='margin-left:2.0in;text-indent:.5in' style="margin-top:0;margin-bottom:0">Emmanuel Dubois-Pelerin, Paris (33)
1-4420-6673; </p>

<p style='margin-left:2.0in;text-indent:.5in' style="margin-top:0;margin-bottom:0">emmanuel_dubois-pelerin@standardandpoors.com</p>

<p style='margin-left:2.0in;text-indent:.5in' style="margin-top:0;margin-bottom:0">Scott Bugie, Paris (33) 1-4420-6680; </p>

<p style='margin-top:0in;margin-right:0in;margin-bottom:28.65pt;
margin-left:2.0in;text-indent:.5in' style="margin-top:0;margin-bottom:0">scott_bugie@standardandpoors.com</p>

<p style='text-indent:33.1pt;line-height:normal' style="margin-top:0;margin-bottom:0">The report is available to
subscribers of RatingsDirect, Standard &amp;Poor's Web-based credit research
and analysis system, atwww.ratingsdirect.com. If you are not a RatingsDirect
subscriber, you maypurchase a copy of the report by calling (1) 212-438-9823 or
sending an e-mailto research_request@standardandpoors.com. Ratings information
can also befound on Standard &amp; Poor's public Web site at
www.standardandpoors.com; underCredit Ratings in the left navigation bar,
select Find a Rating, then CreditRatings Search. All Standard &amp; Poor's
research information is accessible for24 hours after publication on the public
Web site. Members of the media mayrequest a copy of this report by contacting
the media representative provided. </p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='line-height:normal' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-right:5.9pt;line-height:12.0pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-right:5.9pt;line-height:12.0pt' style="margin-top:0;margin-bottom:0">Analytic services provided by Standard
&amp; Poor's Ratings Services (Ratings Services) are the result of separate
activities designed to preserve the independence and objectivity of ratings
opinions. The credit ratings and observations contained herein are solely
statements of opinion and not statements of fact or recommendations to
purchase, hold, or sell any securities or make any other investment decisions.
Accordingly, any user of the information contained herein should not rely on
any credit rating or other opinion contained herein in making any investment
decision. Ratings are based on information received by Ratings Services. Other
divisions of Standard &amp; Poor's may have information that is not available
to Ratings Services. Standard &amp; Poor's has established policies and
procedures to maintain the confidentiality of non-public information received
during the ratings process. </p>

<p style='margin-top:0in;margin-right:16.5pt;margin-bottom:48.4pt;
margin-left:0in;line-height:12.15pt' style="margin-top:0;margin-bottom:0">Ratings
Services receives compensation for its ratings. Such compensation is normally
paid either by the issuers of such securities or third parties participating in
marketing the securities. While Standard &amp; Poor's reserves the right to
disseminate the rating, it receives no payment for doing so, except for
subscriptions to its publications. Additional information about our ratings
fees is available at www.standardandpoors.com/usratingsfees. </p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<b><br clear=all
style='page-break-before:always'>
</b>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style="margin-top:0;margin-bottom:0">SIGNATURES</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-top:0in;margin-right:42.0pt;margin-bottom:0in;
margin-left:.5in;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-top:0in;margin-right:42.0pt;margin-bottom:0in;
margin-left:.5in;margin-bottom:.0001pt' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-top:0in;margin-right:42.0pt;margin-bottom:0in;
margin-left:.5in;margin-bottom:.0001pt;text-align:justify;text-justify:inter-ideograph;
text-indent:.5in' style="margin-top:0;margin-bottom:0">Pursuant to
the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.</p>

<p align=left style='margin-top:0in;margin-right:42.0pt;
margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='margin-top:0in;margin-right:42.0pt;
margin-bottom:0in;margin-left:.5in;margin-bottom:.0001pt;text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=right style='margin-right:42.0pt;text-align:right' style="margin-top:0;margin-bottom:0">PHILIPPINE LONG DISTANCE TELEPHONE
COMPANY</p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p style='margin-left:192.0pt;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">By          :     </p>

<p style='margin-left:192.0pt;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">Name    :     Ma.
Lourdes C. Rausa-Chan</p>

<p style='margin-left:192.0pt;text-align:justify;text-justify:
inter-ideograph' style="margin-top:0;margin-bottom:0">Title       :     Corporate
Secretary</p>

<p style='text-align:justify;text-justify:inter-ideograph;
text-indent:3.75in' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">&nbsp;</p>

<p align=left style='text-align:left' style="margin-top:0;margin-bottom:0">Date:  November 7, 2005</p>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

</div>

<br clear=all
style='page-break-before:auto'>

<div>

<p style="margin-top:0;margin-bottom:0">&nbsp;</p>

</div>

</body>

</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
