MANILA—Property conglomerate SM Prime Holdings, Inc. (SMPH) bagged the highest rating from Philippine Rating Services Corp. (Philratings) for its proposed bond issue of Php20 billion.
SMPH told the local bourse the Php15-billion planned bond offering, with an oversubscription option of Php5 billion, was part of its proposed three-year debt securities program of up to Php60 billion.
Philratings also maintained at PRS “Aaa” rating for SMPH’s Php50-billion outstanding bonds.
It assigned a stable outlook for the ratings of the proposed and outstanding bonds.
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.