GT Capital keeps top credit score for P4-B fixed-rate bonds
MANILA -The Ty family’s conglomerate GT Capital Holdings kept the top rating for its outstanding P4- billion fixed-rate bonds, a statement on Friday showed.
The company’s debt paper was given a PRS Aaa credit score by Philippine Ratings Service Corp. This signaled minimal credit risk and the company’s strong capacity to meet financial commitments.
“PRS Aaa is the highest rating assigned by PhilRatings. A stable outlook, on the other hand, indicates that the rating is likely to be maintained or to remain unchanged in the next 12 months,” a statement from PhilRatings showed.
GT Capital is the holding company of the Ty family’s flagship assets such as banking giant Metropolitan Bank & Trust Co. (Metrobank), Toyota Motor Philippines, Federal Land Inc. and AXA Philippines Inc.
It also owns a 15.2 percent stake in Manuel V. Pangilinan-led infrastructure group Metro Pacific Investments Corp., which owns Manila Electric Co., Maynilad Water Services Inc., as well as toll road, healthcare and railway assets.
“The assigned issue rating considers GT Capital’s investment portfolio, which is comprised of companies with solid market position; strong ownership and management; and healthy balance sheet,” PhilRatings noted.
“These core credit strengths have allowed the GT Capital Group to remain resilient through significant challenges during the height of the Covid-19 pandemic, and serve as a sound base for growth, in line with expectations of sustained, albeit tempered, expansion of the domestic economy,” it added.
The credit watcher also cited the company’s healthy balance sheet and well-managed debt profile.
“Such indicates that GT Capital has enough space for additional debt moving forward, while maintaining the soundness of its capitalization structure,” PhilRatings said.
GT Capital earlier said net income in 2022 jumped by 67 percent to P18.4 billion, which was equivalent to 90 percent of prepandemic earnings in 2019.
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