Ayala’s P10-B bonds secure triple “A” rating

AYALA Corp. obtained another triple “A” score from Philippine Rating Services Corp. (PhilRatings) for the final tranche of its P20billion shelf offering of fixed-rate bonds.

In a statement issued on Monday, the local debt watcher said it assigned a “PRS Aaa” rating with a stable outlook on the P10 billion worth of bonds, which the listed conglomerate plans to issue to refinance an outstanding obligation due April 30.

The proposed issue represents the second and last tranche of Ayala’s three-year debt program amounting to a maximum of P20 billion. The company issued last year the first P10 billion in retail bonds due July 7, 2023.

PhilRatings likewise assigned a PRS Aaa rating, with a stable outlook, to the initial tranche of the shelf offering of the country’s oldest conglomerate.

The debt watcher, meanwhile, affirmed its triple “A” rating on the outstanding retail bonds of Ayala in the amounts of P10 billion due April 30, 2017; P10 billion due May 12, 2021; and P10 billion due May 11, 2027.

PRS Aaa is the highest score given by PhilRatings. Obligations receive such a rating upon exhibiting the highest quality and a minimal credit risk, as measured by the capacity of the issuer to meet its financial commitment.

A stable outlook, on the other hand, indicates that PhilRatings will likely maintain its rating on a particular obligation within the next 12 months. —