(The Philippine Star) | Updated
May 21, 2017 - 12:00am
MANILA, Philippines - Aboitiz Power
Corp. will initially offer up to P3 billion worth of 10-year bonds to fund the
expansion of a subsidiary.
The bonds will form part of the
company’s three-year shelf registration with the Securities and Exchange
Commission.
Proceeds from the offering will be
used to finance an investment into a company partly-owned by AboitizPower.
The issue was assigned the top
credit rating of PRS Aaa and a stable outlook by Philippine Rating Services
Corp. for the power firm’s outstanding P10 billion retail bonds.
Obligations rated PRS
Aaa are of the highest quality with minimal credit risk. The obligor’s
capacity to meet its financial commitment on the obligation is extremely
strong.
PhilRatings considered
AboitizPower’s significant levels of cash and cash flows in relation to debt
service requirements, adequate capital structure, diversified portfolio, and
its experienced management team.
An outlook is an indication as to
the possible direction of any rating change within a one-year period and serves
as a further refinement to the assigned credit rating for the guidance of
investors, regulators, and the general public.
AboitizPower is one of the leading
power generation and distribution companies in the country. Through the years,
the company has accumulated interests in hydroelectric, geothermal, solar,
coal-fired and oil-fired power plants.
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