ARTHALAND Corp. has been given the second highest credit rating by a local debt watcher for its planned issuance of fixed-rate green bonds worth P3 billion.
Philippine Rating Services Corp. (PhilRatings) said in a statement Wednesday its has awarded Arthaland a “PRS Aa minus” rating for its plan to issue ASEAN green bonds with a three-year shelf registration of up to P6 billion.
The PRS Aa credit rating means Arthaland has a strong capacity to meet its financial commitments versus other local corporations.
The company’s bonds were also given a stable outlook, which means it is likely to stay for the next 12 months.
PhilRatings said the rating and outlook were based on Arthaland’s recognition as a dual certified developer of green projects; sustained property market growth; and “relatively conservative” approach in managing debt and costs. It also cited Arthaland’s growth prospects backed by its pipeline of projects.
Arthaland’s proposed ASEAN green bonds is the first green issuance rated by the debt watcher. The P3 billion initial tranche is part of the company’s three-year shelf registration of up to P6 billion.
It will use the proceeds to fund eligible green projects, such as certified green buildings, as well as acquisitions.
Meanwhile, Arthaland reported its attributable net income surged to P201.07 million in the three-month period ending September, from P41.089 million it booked in the same period last year.
Revenues also grew by 7% to P409.474 million in the same period. The company also recorded P281.2 million gain on change in the fair value of investment properties.
For the first three quarters, Arthaland posted a P647.361 million attributable net income, surging 755% from P75.639 million a year ago.
Shares in Arthaland went down 0.01 points or 1.08% to P0.92 each in the stock exchange on Wednesday. — Vincent Mariel P. Galang