ROBINSONS Land Corp. (RLC) has received the highest credit rating from a local debt watcher for its planned bond issuance of up to P20 billion.
In a disclosure to the stock exchange on Thursday, the Gokongwei-led real estate company said it had been given a “PRS Aaa” credit rating by the Philippine Rating Services Corp. (PhilRatings) for its proposed bond issuance.
The company is looking to issue P10 billion bonds with an oversubscription option of up to P10 billion.
A PRS Aaa credit rating means RLC is expected to have an “extremely strong” capacity to meet its financial commitment. The rating was also given a stable outlook, meaning it is expected to hold for the next 12 months.
PhilRatings said the issue rating was based on RLC’s solid competitive position, healthy liquidity, sound capitalization and solid fundamentals amid the coronavirus pandemic.
“PhilRatings based its assessment on available information and projections at the time that the rating review was performed. PhilRatings shall continuously monitor developments relating to RLC and may change the ratings at any time, should circumstances warrant a change,” it said.
RLC’s net earnings in 2019 climbed 6% to P8.69 billion, driven by a P1.02-billion increase in revenues to P30.58 billion. Its shares at the stock exchange stood at P15.04 each on Thursday, down 44 centavos or 2.84% from a day ago. — Denise A. Valdez