FILINVEST Development Corp. (FDC) retained the top credit rating for its P8.8-billion outstanding bond issue, according to Philippine Rating Services Corp. (PhilRatings).
In a statement, PhilRatings said FDC’s bonds retained its “PRS Aaa” credit rating, which means it has an “extremely strong” capacity to meet its financial commitment.
PhilRatings also gave FDC a stable outlook for the rating, meaning it is expected to stay the same for the next 12 months.
The debt watcher cited FDC’s strengths such as its stable diversified revenue stream; conservative and professional management, main subsidiaries with steady income and cash flows, and growing real estate and banking businesses.
FDC’s subsidiaries include Filinvest Land, Inc. East West Baking Corp., Pacific Sugar Holdings, Corp., and Seascapes Resorts, Inc.
The company’s net income attributable to the parent increased 19% to P6.13 billion in the first six months of the year, driven by a 14% increase in revenues to P37.23 billion. — Vincent Mariel P. Galang