By Alena Mae S. Flores Posted on Dec. 17, 2012 at 12:00am
Ratings agency Philippine Rating Services Corp. maintained the credit rating for the outstanding P12-billion bonds of Energy Development Corp. at PRS Aaa.
EDC issued the bonds in two tranches, with P8.5 billion due in June 2015 and P3.5 billion due in December 2016.
PRS Aaa is the highest credit rating on PhilRatings’ long-term credit rating scale. Obligations rated PRS Aaa are of the highest quality with minimal credit risk. This means the obligor’s capacity to meet its financial commitment on the obligation is extremely strong.
The rating agency noted Energy Development’s reinforced sustainable revenue stream and strong cash flow generation; enhanced standing as the leading vertically integrated geothermal power producer in the country; its financial flexibility, as well as improved debt profile. source
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