Toll road operator South Luzon Tollway Corp. maintained the top rating for its P7.3 billion worth of fixed-rate bonds.
According to Philippine Rating Services Corp. (Philratings), the company kept its PRS Aaa rating, which signals minimal credit risk. Moreover, a stable outlook has been assigned to the debt, meaning Philratings sees no near-term change to its status.
The company is the concessionaire of the South Luzon Expressway (SLEx), a 36.1-kilometer toll road that currently runs from Alabang in Muntinlupa to Sto. Tomas, Batangas.
Philratings noted that the bond rating was supported by positive growth prospects for South Luzon Tollways. It cited the continuous economic expansion of Metro Manila and key Southern provinces serviced by its toll franchise. It also cited healthy liquidity, which was backed by stable cash flows from toll collections.
SLEx is considered a key logistical backbone to the Southern corridor of Metro Manila, linking major economic centers in Metro Manila to the growing Calabarzon area or Region IV-A (comprised of Cavite, Laguna, Batangas, Rizal and Quezon). —MIGUEL R. CAMUS