Citicore Energy REIT Corp. (CREIT) said on Monday that its proposed P3-billion green bond issuance with an oversubscription option of up to P1.5 billion received a credit rating of PRS Aa plus, with a stable outlook, from Philippine Rating Services Corp. (PhilRatings).
In a filing to the stock exchange, CREIT said the rating indicates the company’s capacity to meet financial commitment while the stable outlook means that the rating may be maintained within 12 months.
PhilRatings’ credit rating is an opinion on the general and overall creditworthiness of the company. It said that it took into account CREIT’s unique portfolio of renewable energy, strong profitability with high margins, REIT (real estate investment trust) assets that are stable and with full occupancy from lessees with cycle-resilient operations.
CREIT is focused on the renewable energy space, which is seen poised for growth. Its current portfolio consists of a solar power plant and six land assets that are leased to solar power plant operators.
It also considered the firm’s reputable sponsors, strong profitability with high margins, sound financial position, and significant flexibility for expansion.
On Monday, shares in the company declined by 1.79% or four centavos to finish at P2.20 apiece. — Ashley Erika O. Jose
