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Oct 9, 2017 @ 20:44

SMC power unit to issue P20B retail bonds

 

SMC Global Power Holdings Corp. is issuing up to P20 billion in fixed-rate bonds.

The bonds with an oversubscription option of up to P5 billion obtained a credit rating of PRS Aaa with a stable outlook.

PRS Aaa is the highest credit rating on PhilRatings’ long-term issue credit rating scale.

Obligations rated PRS Aaa are of the highest quality with minimal credit risk. This means the issuer’s capacity to meet its financial commitment on the obligation is extremely strong.

On the other hand, an outlook is an indication as to the possible direction of any rating change within a one year period, and serves as a further refinement to the assigned credit rating for the guidance of investors, regulators, and the general public.

A stable outlook, on the other hand, is defined as: “The rating is likely to be maintained or to remain unchanged in the next 12 months.”

In assigning the rating, PhilRatings considered SMC Global Power’s dominant market position, the strong parent company support and synergies derived from the San Miguel Group, and its long-term off-take contracts with customers, which provide stability in terms of revenues and cash flows.

One of the country’s leading and largest power companies, SMC Global Power has a diversified portfolio of power assets consisting of coal, natural gas and hydro. It has acombined capacity of 3,063 megawatts, representing 14.7 percent of the power supply of the national grid, 19..8 percent of the Luzon grid and 5 percent of the Mindanao grid.

SMC Global Power, through its wholly-owned subsidiaries,serves as the Independent Power Producer Administrator (IPPA) for the Sual, Ilijan and San Roque power plants.

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