Hybrid rice producer SL Agritech Corp. is tapping the debt market anew with a fresh offering of as much as P2 billion in commercial papers.
SL Agritech wil use proceeds from the offering to pay its short-term obligations, and to purchase rice and seed inventories from its contract growers.
The company has been given a credit rating of PRS Aa (Corp.) with a stable outlook by local creditwatcher Philippine Rating Services Corp.
A company rated PRS Aa (corp.) has a strong capacity to meet its financial commitments relative to that of other Philippine corporates.
A stable outlook is defined as the “rating is likely to be maintained or to remain unchanged in the next 12 months.”
PhilRatings considered the SL Agritech’s competitive market position locally, opportunities for growth for the local hybrid rice industry and sustained profitability.
SL Agritech is one of the leading rice companies in the Philippines and exports high quality rice seeds and premium packaged rice to Vietnam, Myanmar, Indonesia and India.