Cirtek Holdings Philippines Corp. (CHPC) is seeking to raise P2 billion from the issuance of commercial papers.
The debt papers, which will be registered under a three-year shelf-registration with the Securities and Exchange Commission, have been assigned an issuer credit rating of PRS A with a Stable Outlook.
A company rated PRS A (corp.) has an above-average capacity to meet its financial commitments relative to that of other Philippine corporates.
But it also means that the company is somewhat more susceptible to adverse changes in circumstances and economic conditions than higher-rated corporations.
A Stable Outlook, on the other hand, means that the firm’s debt rating is likely to be maintained or to remain unchanged in the next 12 months.
In assigning the rating, Philratings took into consideration Cirtek’s manageable liquidity and capitalization levels, established track record in the industry and strong customer base of well-established and global companies.