Aboitiz holding firm gets top credit rating for P10-billion retail bonds
ABOITIZ Equity Ventures, Inc. (AEV) has received the top credit rating by a local debt watcher for its proposed P10-billion fixed-rate retail bonds.
In a disclosure to the exchange on Thursday, the conglomerate said its planned bond issuance had been given a PRS Aaa credit rating by Philippine Rating Services Corp. (PhilRatings).
The company announced last week that it applied to issue bonds at an aggregate amount of P5 billion, with an oversubscription option of up to P5 billion. These bonds represent the second tranche of AEV’s P30-billion bond program.
On Thursday, AEV said that the proposal was given a PRS Aaa credit rating by PhilRatings, which means the bonds are of highest quality and have minimal credit risk. It also means the company has an “extremely strong” capacity to meet its financial obligation. —