GOKONGWEI-led property developer Robinsons Land Corp. (RLC) said its P12-billion bond issue has kept its “PRS Aaa” grade from Philippine Rating Services Corp.
Obligations rated “PRS Aaa” indicate the company’s strong capacity to meet its financial commitments relative to that of other Philippine corporations. It is the highest rating assigned by PhilRatings.
“The rating reflects RLC’s solid competitive position; its strong liquidity; sound capitalization structure; and the positive outlook of the domestic property industry,” the company said in a disclosure to the local bourse on Tuesday.
The rating was based on available information and projections at the time the rating review was performed. PhilRatings continuously monitors developments from the company and may change the rating at any time should circumstances warrant a change.
RLC is one of the leading property developers in the Philippines in terms of revenues, number of properties, and total project size. In particular, RLC is involved in the development and operation of shopping malls and hotels, and the development of mixed-use properties, office and residential buildings, as well as land and residential housing developments, including socialized housing projects located in key cities and other urban areas nationwide.
As at the end of fiscal year 2016, the company had four business divisions: commercial centers, residential, office buildings and hotels. Earlier this year, RLC created a fifth business division, the infrastructure and integrated developments (IID) business unit. This unit will focus on vast mixed-use developments, real estate-related infrastructure projects including reclamation projects, and development of warehousing facilities.
RLC is the real estate development arm of conglomerate JG Summit Holdings Inc. founded by business magnate John Gokongwei Jr..