The planned P10-billion bond sale of Robinsons Land Corp. (RLC) has been given top credit rating by Philippine Rating Services Corp., said the company in a statement issued Monday.
It said the offer, which carries a P2-billion oversubscription option, was given PRS Aaa rating.
“Obligations rated PRS Aaa are of the highest quality with minimal credit risk. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong. PRS Aaa is the highest rating assigned by PhilRatings,” the statement showed.
The rating reflects the builder’s “strong market franchise, which is anchored on good brand recognition and operational track record,” its experienced management, positive outlook and stable liquidity and capitalization.
Philratings noted that RLC was one of leading real estate developers in the country based on revenue, number of properties and total project size. The company is the second largest mall operator in the Philippines, with its malls having a total gross floor area of 1.96 million square meters (sqm.) as of September last year.
The four brands under its residential division (Robinsons Luxuria, Robinsons Residences, Robinsons Communities and Robinsons Homes) allow a clear segmentation of its markets, given the brands’ differences in terms of target markets, locations, types of development and price ranges.
Based on public records and independent industry reports, it is believed that RLC is among the top five mid-range condominium developers in the Philippines, in terms of sales revenue, Philratings said.
RLC is also a leading business process outsourcing (BPO) office provider and is reportedly the dominant landlord in the Ortigas Business District. The builder is likewise into hotel development. Miguel R. Camus