Quantcast
Latest Stories

MRT-3 debt gets ratings upgrade



Philippine Ratings Services Corp., a debt watcher, has upgraded the rating of the Metro Rail Transit Line 3’s debt.

MANILA, Philippines—Philippine Ratings Services Corp. (PhilRatings), a debt watcher, has upgraded the rating of the Metro Rail Transit Line 3’s debt.

In a statement, PhilRatings said the asset-backed notes issued by MRT III Funding Corp. had been upgraded from PRS A minus to PRS A plus for the so-called Tranche 2-F. Its so-called Tranches 2G and 3 was upgraded from PRS A minus to PRS A.

A PRS A rating indicates favorable investment attributes considered as upper-medium grade obligations.

“Although obligations rated PRS A are somewhat more susceptible to the adverse effects of changes in economic conditions, the obligor’s capacity to meet its financial commitments on the obligations is still strong,” PhilRatings said.

The notes issue was the securitization of future dividends from Metro Rail Transit Corp. (MRTC), which operates MRT Line 3. The funds flow through a series of holding firms and special-purpose vehicles to MRT III Funding Corp.

The dividends arise from equity rental payments made by the Department of Transportation and Communications to MRTC under a 25-year build-lease-transfer agreement for the construction of the Light Rail Transit System Phase 1 in Metro Manila.

PhilRatings’ ratings are based on available information at the time that the rating review is ongoing, the statement showed.

The issue trustee, Bank of New York Mellon, has confirmed to PhilRatings in writing that it held a balance of $140.7 million as of May 30 this year.—Miguel Camus


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Metro Rail Transit 3 , MRT 3 , Philippines , Ratings



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • What Went Before: Malacañang allies alleged involvement in pork scam
  • Timeline: Napoles tell-all
  • 12 senators on Napoles ‘pork’ list, says Lacson
  • Napoles surgery in Makati hospital successful
  • Save the queen? Aide takes fall for Enrile, Gigi Reyes
  • Sports

  • Mixers trim Aces; Painters repulse Bolts
  • Donaire junks Garcia as coach, taps father
  • ’Bye Ginebra: No heavy heart this time
  • UAAP board tackles new rules
  • Baguio climb to decide Le Tour de Filipinas
  • Lifestyle

  • The best flavors of summer in one bite, and more
  • Homemade yogurt, bread blended with pizza, even ramen
  • Visiting chefs from Denmark get creative with ‘ube,’ ‘ buko,’ ‘calamansi,’ mangoes
  • Salted baked potatoes
  • A first in a mall: Authentic Greek yogurt–made fresh in front of diners
  • Entertainment

  • Return of ‘Ibong Adarna’
  • Practical Phytos plans his future
  • In love … with acting
  • From prison to the peak of success
  • ‘Asedillo’ location thrives
  • Business

  • This time, BIR goes after florists
  • Philippine Airlines to stop shipment of shark fins
  • PH banks not ready for Asean integration
  • Stocks down on profit-taking
  • Banks allowed to use ‘cloud’
  • Technology

  • ‘Unlimited’ Internet promos not really limitless; lawmakers call for probe
  • Viber releases new design for iPhone, comes to Blackberry 10 for the first time
  • Engineers create a world of difference
  • Bam Aquino becomes Master Splinter’s son after Wiki hack
  • Mark Caguioa lambasts Ginebra teammates on Twitter
  • Opinion

  • Editorial cartoon, April 24, 2014
  • Talking to Janet
  • Respite
  • Bucket list
  • JPII in 1981: walking a tightrope
  • Global Nation

  • PH seeks ‘clearer assurance’ from US
  • China and rivals sign naval pact to ease maritime tensions
  • What Went Before: Manila bus hostage crisis
  • Obama arrives in Tokyo, first stop of 4-nation tour
  • Believe it or not: Filipinos love US more than Yanks
  • Marketplace