GOKONGWEI-LED Robinsons Land Corp. (RLC) said its P12-billion bond issue has kept its top rating of PRS Aaa from local credit watcher Philippine Rating Services Corp. (PhilRatings).
In a disclosure to the Philippine Stock Exchange, mall operator RLC said that bonds rated PRS Aaa are of the highest quality and with minimal credit risk. It is also the highest rating assigned by PhilRatings.
“The obligor’s capacity to meet its financial commitment on the obligation is extremely strong,” PhilRatings said.
The credit watcher noted that its rating for the RLC bonds was based on several qualities of the mall operator, specifically its solid market position; sound growth strategy; quality management; strong liquidity; and sound capitalization structure.
“The rating also considers the favorable industry outlook for its businesses, supported by expectations of continued growth for the domestic economy,” PhilRatings said.
RLC is the second largest mall operator in the Philippines. For its fiscal year 2015 which
ended September, it was operating 40 shopping malls. Nine of these were in Metro Manila and 31 were in major urban cities in the Philippines.
In a separate disclosure on Wednesday, RLC noted that its board of directors has approved the change in RLC’s fiscal year to January 1 to December 31 from October to September previously.
Besides its mall development segment, RLC also has businesses in the residential, office and hotel markets.