Published May 16, 2017, 10:00 PM By James A. Loyola
Aboitiz Power Corporation
(AboitizPower) is planning to raise up to P3 billion from a bond issuance
consisting of P2 billion bonds with a tenor of 10 years and an Oversubscription
Option of up to P1 billion.
This is the initial issuance in
relation to the company’s three-year Shelf Registration of up to P30 billion.
Philippine Rating Services
Corporation (PhilRatings) said it has assigned its highest Issue Credit Rating
of PRS Aaa, with a Stable Outlook for the bonds.
The proceeds of the issuance will be
used to finance an investment into a company partly-owned by AboitizPower.
PhilRatings likewise maintained the
Issue Credit Rating of PRS Aaa and Stable Outlook for AboitizPower’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.
On the other hand, a Stable Outlook
means the rating is likely to be maintained or to remain unchanged in the next
12 months.
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