The credit rating for MRT III Funding Corporation Limited’s Asset-Backed Notes has been revised upwards, from PRS Ca to PRS Baa minus (as of August 6, 2008). A rating of PRS Baa is defined as, “Neither highly protected nor poorly secured. Interest payments and principal security appear adequate for the present but certain protective elements […]
Ayala Land, Inc.’s (ALI) P4.0 Billion Bonds due in 2013 were given an issue rating of PRS Aaa by Philippine Rating Services Corporation (PhilRatings). The company’s outstanding P2.0 Billion Bond issue maturing this November 2008 likewise maintained its PRS Aaa rating.
“Petron Corp. (Petron) will be borrowing P5.5 billion long-term. The borrowing is rated PRS Aaa,†PhilRatings announced. A rating of PRS Aaa is given to debt obligations with the “smallest degree of investment risk. Interest payments are protected by a large or by an exceptionally stable margin and principal is secured. While the various protective […]
“1st Valley Bank (1st Valley), a rural bank operating in the Northwestern Mindanao region, is rated PRS A plus (rb),†PhilRatings announced. A rating of PRS A (rb) is defined as: “A rural bank rated PRS A is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than higher-rated rural […]
“City & Land Developers, Incorporated (CLDI) will be issuing P400 million in short-term commercial papers (STCPs). The STCP issue is rated PRS 2.†A rating of PRS 2 is defined as: “Above average (strong) capability for payment of commercial paper issue on both interest and principal. This is normally evidenced by many characteristics of a […]
“The rating for Petron Corporation’s (Petron) over-all creditworthiness is PRS Aaa (corp.),” PhilRatings announced. A rating of PRS Aaa (corp.) is defined as: “A company rated PRS Aaa has a VERY STRONG capacity to meet its financial commitments relative to that of other Philippine corporates.” A PRS Aaa is the highest rating that can be […]
“The issue rating for Philippine Savings Bank’s (PSBank) proposed P2.0 billion Tier-2 issue is PRS Aa plus,” PhilRatings announced. A rating of PRS Aa means that the bank has a strong capability to pay its debt issue. The Unsecured Subordinated Debt (USD) or Tier-2 issue will have a maximum term of ten years, with a […]
“The issuer rating for iBank is PRS Aa minus,” PhilRatings announced. A rating of PRS Aa means that the bank has a “…strong capacity to meet its financial commitments relative to that of other Philippine obligors and differs from the highest rated corporates only to a small degree.” iBank has committed to obtain an issuer […]
“The issue rating for Asiatrust Development Bank’s (Asiatrust) proposed P550 million Tier-2 issue is PRS A minus,” PhilRatings announced. A rating of PRS A means that the issue has “…favorable investment attributes and are considered as upper-medium grade obligations. Factors giving security to principal and interest are considered adequate, but elements may be present which […]
“The rating for PCI Leasing and Finance, Inc.’s (PCI Leasing) proposed P1.0 billion in short-term commercial papers (STCPs) is PRS 1,” PhilRatings announced. A rating of PRS 1 is defined as: “Strongest capability for timely payment of debt instrument issue on both interest and principal.”
“The corporate credit rating for the Pag-IBIG Fund (Home Development Mutual Fund) is PRS Aaa minus (corp.),” PhilRatings announced. A corporate credit rating of PRS Aaa means that the Pag-IBIG Fund has a “VERY STRONG capacity to meet its financial commitments relative to that of other Philippine corporates.” PRS Aaa is the highest possible rating […]
“The rating for Bank of Commerce’s (Bancommerce) over-all credit standing is PRS A,” PhilRatings announced. A rating of PRS A means that the bank has an: “…above average capacity to meet its financial commitments relative to that of other corporates and/or banks.” Bancommerce is the first Philippine bank to seek a domestic issuer or bank […]
“The rating for First Gen Corporation’s (First Gen) proposed P3 billion bonds is PRS Aaa,” PhilRatings announced. The PRS Aaa means that the: “…issue has the smallest degree of investment risk as interest payments are protected by a large or by an exceptionally stable margin, and principal is secured. While the various protective elements are […]
Planters Development Bank’s (Plantersbank) P1 billion in unsecured subordinated notes gets a PRS A rating, according to PhilRatings, the country’s pioneer domestic credit rating agency. The PRS A rating means that: “…an issue has favorable investment attributes and is considered as an upper-medium grade obligation. Factors giving security to principal and interest are considered adequate, […]
“The rating for Bank of Commerce’s proposed P1.2 billion in unsecured subordinated notes is PRS A,” PhilRatings announced. A rating of PRS A means that: “…the issue has favorable investment attributes and is considered as an upper-medium grade obligation. Factors giving security to principal and interest are considered adequate, but elements may be present which […]
“The rating for PCI Leasing and Finance, Inc.’s (PCI Leasing) proposed P500 million in short-term commercial papers (STCPs) is PRS 1,” PhilRatings announced. A rating of PRS 1 is defined as: “Strongest capability for timely payment of debt instrument issue on both interest and principal.” The amount being applied for represents a significant increase from […]
“The rating for Ayala Corporation’s proposed P5 billion in 5-year bonds is PRS Aaa,” PhilRatings announced. A rating of PRS Aaa is defined as “having the smallest degree of investment risk. Interest payments are protected by a large or by an exceptionally stable margin and principal is secured. While the various protective elements are likely […]
“Ayala Land, Inc.’s (ALI) proposed short-term commercial paper issue (STCP) amounting to P2.0 billion is rated PRS 1,†PhilRatings announced as it also maintained the PRS Aaa ratings for ALI’s outstanding P3.0 billion bonds, maturing in 2007 and its P2.0 billion bonds, maturing in 2008. At present, ALI has an existing P1.0 billion STCP issue […]
“Globe Telecom, Inc. (Globe) is increasing the amount of its bonds from P2.7 billion to P3.0 billion. Even with the increase in amount, the bonds are still rated PRS Aaa,†PhilRatings announced. A rating of PRS Aaa is defined as: “…the issue has the smallest degree of investment risk. Interest payments are protected by a […]
“MRT III Funding Corporation’s (MRT III) ABS have been rated PRS Aa,†PhilRatings announced as it completed its first credit rating of ABS. Tranche details of the ABS are as follows:
“Ayala Land, Inc.’s (ALI) proposed bond issue amounting to P2.0 billion is rated PRS Aaa,†PhilRatings announced as it also maintained the PRS Aaa rating for ALI’s outstanding P3.0 billion bonds, maturing in 2007 and the PRS 1 on ALI’s P1 billion in short-term commercial papers (STCPs). Both PRS Aaa and PRS 1 are the […]
Philippine Rating Services Corporation (PhilRatings) announced that PCI Leasing and Finance Inc.’s (PCI Leasing) P100 million in short-term commercial papers (STCPs) have been assigned a rating of PRS 1. A rating of PRS 1 is defined as: “Strongest capability for timely payment of debt instrument issue on both interest and principal.â€
Philippine Rating Services Corporation (PhilRatings) announced that Globe Telecom, Inc.’s (Globe) P2.7 billion bonds have been assigned a rating of PRS Aaa. A rating of PRS Aaa is defined as: “…the issue has the smallest degree of investment risk. Interest payments are protected by a large or by an exceptionally stable margin and principal is […]
PhilRatings announces its first issuer rating ever of a government-owned and controlled corporation (GOCC) — the Philippine Export-Import Credit Agency (PhilExim), a government financial institution attached to the Department of Finance. PhilExim is given an issuer rating of PRS Aaa (corp.) that is defined as, “the company has a VERY STRONG capacity to meet its […]
“The rating for Fort Bonifacio Development Corporation’s P330 million short-term commercial papers (STCPs) is PRS 3,†PhilRatings announced. A PRS 3 (Good Grade) rating is defined as: “Satisfactory capability for payment of debt instrument issue on both principal and interest. The effect of industry characteristics and market composition may be more pronounced. Variability in earnings […]