Filinvest Land gets top credit rating for planned P12-B bond offering
MANILA -Gotianun-led property giant Filinvest Land Inc. received the top credit score for its upcoming P12 billion bond sale, which will support expansion plans for the year.
Filinvest Land said Philippine Rating Services Corp. issued a PRS Aaa rating on its bonds, indicating a low chance of default. The same rating was also issued to the builder’s outstanding bonds of P35.4 billion.
Philratings also gave the builder a “stable” outlook, meaning the rating was unlikely to change over the next 12 months.
“We are delighted to receive a PRS Aaa rating from PhilRatings for our proposed bond issuance. This rating underscores our commitment to financial stability, reflects our healthy fundamentals, and underscores our constant focus on growth and financial sustainability,” Filinvest Land president and CEO Tristan Las Marias said in a statement on Monday.
“We are grateful for PhilRatings’ trust and confidence in Filinvest Land and aim to continue building the Filipino dream through our various property developments,” he added.
Philratings said the ratings came after reviewing the company’s earnings, liquidity coverage, expansion plans and product line.
Filinvest Land, part of the family property, banking, food and power conglomerate Filinvest Development Corp., earlier announced plans to sell 3.5-year bonds worth P10 billion plus an oversubscription option worth P2 billion.
It earlier mandated BDO Capital and Investment Corp., BPI Capital Corp., China Bank Capital Corp., East West Banking Corp., First Metro Investment Corp., PNB Capital and Investment Corp., RCBC Capital Corp. and SB Capital Investment Corp. a joint lead underwriters and bookrunners for the bond offer.
Filinvest Land aims to launch new residential developments in Antipolo City, Taytay, Angono, Calamba City, Tanauan City, Trece Martires City, Bacoor City, Dumaguete City, and the Island Garden City of Samal.
It also plans to also accelerate the development of its township projects in East Town in Cainta, Rizal; Timberland Heights in San Mateo, Rizal; Ciudad de Calamba in Calamba City, Laguna, The Wood Estates in Trece Martires City, Cavite, and Palm Estates in Bacolod City, Negros Occidental.
The bond sale will be the first tranche of a P35-billion long-term bond program. Filinvest Land registered the debt program with the Securities and Exchange Commission last Sept. 22, a separate stock exchange filing showed.