THE ALCANTARA-led Alsons Consolidated Resources, Inc. (ACR) has obtained an above-average credit rating for its P1.5-billion commercial papers, it told the stock exchange on Tuesday.
Publicly listed ACR said it was assigned a rating of “PRS A plus” with a stable outlook in relation to the first tranche of its commercial paper program of up to P2.5 billion that it registered with the Securities and Exchange Commission.
The rating given by Philippine Rating Services Corp. (PhilRatings) means the company has an above-average capacity to meet its financial commitments relative to other Philippine corporations.
Among the factors cited by the rating firm as basis were “the positive growth prospects for Mindanao which will bring about an increasing demand for power.” It also pointed to ACR’s “ability to establish joint ventures with strong partners for particular projects.”
The “stable outlook” given to ACR is assigned when a rating is likely to be maintained or to remain unchanged in the next 12 months.
ACR has started commercial operations of the second 105-megawatt (MW) section of its 210-MW Sarangani Energy Corp. baseload coal-fired power plant in Maasim, Sarangani province. The $570-million power plant is said to be the single largest power investment in the province and the entire Region 12.
Also in Sarangani province, a P4.5 billion, 14-5 MW run-of-river hydroelectric power plant at the Siguil River basis in Maasim is on its preliminary work. The plant is scheduled to begin commercial operations in 2022 and will provide power to Sarangani, General Santos City and municipalities of South Cotabato.
The hydro power plant is ACR’s first venture in renewable energy. It is the first of eight run-of-river hydro power projects that the company plans to build in Zamboanga del Norte, other parts of Mindanao, and Negros Oriental in Western Visayas.
At present, the company run four power facilities in Mindanao that generate a combined 468 MW. The plants serve more than 8 million people in 13 cities and eight provinces including urban centers Davao City, Cagayan de Oro, General Santos, Iligan, and Zamboanga City.
On Tuesday, shares in ACR slipped by 0.77% to P1.29 each. — Victor V. Saulon
