Conglomerate SM Investments Corporation (SMIC) received the highest credit score from Philippine Rating Services Corporation (PhilRatings) for its proposed bond issue of up to P20 billion.
In a statement, SMIC said PhilRatings assigned a rating of PRS Aaa to its bond of Php15 billion, with an oversubscription option of Php5 billion.
The bonds are part of the shelf offering of up to P50 billion in bonds that SMIC plans to undertake in the next three years.
PRS Aaa is the highest rating assigned by PhilRatings, denoting that such obligations are of the highest quality with minimal credit risk and that the issuing company’s capacity to meet its financial commitment on the obligations is extremely strong.
The rating for SMIC’s outstanding bonds amounting to P27.3 billion was also maintained at PRS Aaa.
PhilRatings assigned a stable outlook for the ratings for the proposed and outstanding bonds.