Ayala Corp., the country’s oldest conglomerate led by bilyonaryo Jaime Augusto Zobel de Ayala, has retained the highest credit rating for its retail bonds.
Philippine Rating Services Corp. (PhilRatings) said it maintained the credit rating of “PRS Aaa” for the holding company’s P40 billion worth of debt papers comprising P10-billion retail bonds due on April 30, 2017; P10-billion retail bonds due on Nov. 23, 2019; P10-billion retail bonds due on May 12, 2021; and P10-billion retail bonds due on May 11, 2027.
Obligations rated ?PRS Aaa? are of the ?highest quality with minimal credit risk,? PhilRatings said, noting that the conglomerate’s capacity to meet its financial commitment on the debt is ?extremely strong.?
PhilRatings took into account Ayala?s ?strong brand equity and leading market position for its core businesses; well-defined strategy, backed by a strong management team with a solid track record; sustained profitability; and healthy cash flows and financial flexibility.?
It also assigned a ?stable? outlook on Ayala?s credit rating, an indication that the debt score may be maintained in the next 12 months.
Ayala?s board of directors approved earlier the shelf registration of another P20-billion bonds to cover its funding requirements until 2019. Of the total, about P10-P15 billion may be issued in the third quarter to refinance maturing debt.