Alsons gets double-a issuer credit rating

The Alcantara family’s holding company Alsons Consolidated Resources, Inc. (ACR) has received a high Issuer Credit Rating rating of PRS Aa minus (corp.), with a Stable Outlook, for its P3.0 billion Commercial Paper (CPS) Program. In a statement, Philippine Rating Services Corporation (Philratings) said the total shelf amount P3 billion while P2.01 billion is outstanding as of April 17, 2024. A company rated PRS Aa (corp.) differs from the highest rated corporates only to a small degree, and has a STRONG capacity to meet its financial commitments relative to that of other Philippine corporates. Philratings also included a minus (-) sign to further qualify the rating. A Stable Outlook, on the other hand, is assigned when a rating is likely to be maintained and or to remain unchanged in the next 12 months. Philratings said the rating reflects the start of full operations of the Mindanao-visayas Interconnection Project (MVIP) and the commencement of the Wholesale Electricity Spot Market (WESM) and Retail Competition and Open Access (RCOA) in Mindanao. Also considered is the Company’s ability to establish joint ventures with strong partners for particular projects and its planned expansion projects which will further diversify its generation mix. Philratings also factored in ACR’S continued recovery marked by its notable revenue growth and improved profitability and its satisfactory liquidity, supported by positive operating cash flows. ACR is a publicly-listed investment holding company of the Mindanao-based Alcantara Group, through its ultimate parent, Alsons Corporation. It has core interests in energy and power generation and property development. (James A. Loyola)