P12-B RLC bonds keep top rating
MANILA, Philippines - Robinsons Land Corp.’s outstanding P12 billion bond issue kept its PRS Aaa rating from Philippine Rating Services Corp.
According to the local credit watcher, the rating has a stable outlook.
PRS Aaa is the highest rating assigned by PhilRatings.
The rating reflects RLC’s solid competitive position, strong liquidity, sound capitalization structure, and positive outlook of the domestic property industry.
RLC, the second largest mall operator in the Philippines, operates 45 shopping malls with a gross floor area of 2.4 million square meters. System-wide occupancy rate was a high 94 percent, with more than 8,000 retailers as tenants.
“Strong cash flows from RLC’s expanding mall, office and hotel portfolios continue to serve as solid anchors for the company’s liquidity position. Stability of internally-generated funds is supported by recurring lease rentals,” PhilRatings said.
As of the end of its fiscal year 2016, RLC had four business divisions: commercial centers, residential, office buildings and hotels.
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