Business and Economy
SM Prime’s P20-B bond offer gets highest credit rating
SM City North EDSA, the first SM Supermall in the Philippines (Photo By Ramon FVelasquez – Own work, CC BY-SA 3.0)
MANILA — SM Prime Holdings, Inc. on Monday said its proposed bond issue of up to PHP20 billion received the highest credit rating from the Philippine Rating Services Corp. (PhilRatings).
PhilRatings assigned a rating of PRS Aaa to its bond issue, 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.
SM Prime told the local bourse that the issuance, with maturities of five years and seven years, is part of the PHP60-billion shelf registration of fixed rate bonds approved by the Securities and Exchange Commission (SEC) in July 2016.
The company said the rating for its PHP70-billion outstanding bonds was also maintained at PRS Aaa.
PhilRatings assigned a stable outlook for the ratings of the proposed and outstanding bonds.
