SM Prime Holdings Inc. on Thursday said its proposed bond issue of up to P10 billion received the top credit rating from the Philippine Rating Services Corp. (PhilRatings).
The company is set to issue up to P60 billion worth of bonds over the next three years.
“PRS Aaa” is the highest rating assigned by PhilRatings, reflecting the highest quality financial obligation with minimal credit risk. It denotes the issuer’s capacity to meet its financial commitment is extremely strong.
The initial tranche of the proposed three-year Debt Securities Program of up to P60 billion consists of a P5-billion bond issue with a P5-billion option to cover additional demand.
SM Prime earlier noted it intends to tap the debt market as a way of partially funding its P180-billion capital spending for the next three years.
The firm noted that its outstanding bonds worth P40 billion also maintained a “PRS Aaa” rating.