ROBINSONS Land Corp. announced on Wednesday that its planned P15-billion bond issuance attained the highest issue credit rating.
The real estate developer’s proposed bond issuance offers up to P10 billion with an oversubscription option of up to P5 billion. It is the first tranche of the company’s shelf-registered debt securities program in the aggregate principal amount of P30 billion.
According to the firm, the bond issuance received the highest issue credit rating of PRS Aaa, with a stable outlook from Philippine Rating Services Corp. (PhilRatings).
“PhilRatings’ assignment of the highest issuer rating is a recognition of Robinsons Land’s strong fundamentals and financial stability. It is a vote of confidence in the company’s ability to create long-term shareholder value,” said Frederick D. Go, the company’s president and chief executive, in a statement.
According to PhilRatings, obligations rated PRS Aaa are of the highest quality with minimal credit risk while the obligator’s capacity to meet its financial commitment on the obligation is extremely strong.
A stable outlook is an indication that the rating “is likely to remain unchanged” in the next 12 months.
In the first quarter, the firm’s operating income increased by 12% to P2.29 billion, driven by growth in its mall and office businesses.
Robinsons Land has a portfolio of 53 lifestyle centers; 28 prime office developments; 24 multi-branded hotel properties consisting of upscale deluxe hotels, midmarket boutique city and resort hotels, essential service value hotels, and luxury resorts; and seven industrial facilities, among others.
At the stock exchange on Wednesday, its shares declined by 1.69% or 30 centavos to close at P17.50. — Luisa Maria Jacinta C. Jocson
