RLC says its P30.4-B bonds kept highest credit rating – BusinessWorld Online
GOKONGWEI-LED Robinsons Land Corp. (RLC) has retained the highest credit rating for its outstanding P30.4-billion bonds, the company said on Tuesday.
The Philippine Rating Services Corp. (PhilRatings) has affirmed its PRS Aaa rating with a stable outlook for RLC’s P30.4-billion outstanding bonds, the company said in a regulatory filing.
Obligations rated PRS Aaa are considered of the highest quality with minimal credit risk, while a stable outlook indicates that the rating is likely to remain unchanged over the next 12 months.
PhilRatings said the rating and outlook were upheld due to RLC’s diversified portfolio and steady growth in margins and returns.
The credit rating agency also factored in RLC’s expansion plans, liquidity, steady cash flows from operations, and conservative capital structure.
RLC’s portfolio spans multiple business divisions, including Robinsons Malls, RLC Residences, Robinsons Offices, Robinsons Hotels and Resorts, Robinsons Logistics and Industrial Facilities, and Robinsons Destination Estates.
The company has a presence in 30 provinces, including 16 in Luzon, and seven each in Visayas and Mindanao.
The property developer aims to capitalize on the sustained growth of the Philippine economy through the continued expansion of its portfolio.
“RLC remains optimistic about its overall growth prospects, banking on the strength and resiliency of its different business segments,” it said.
RLC recently announced the appointment of Maria Socorro Isabelle V. Aragon-GoBio as its president and chief executive officer, effective Feb. 1, replacing Lance Y. Gokongwei.
Despite the leadership transition, Mr. Gokongwei remains RLC chairman.
On Tuesday, RLC shares rose by 1.84% or 22 centavos to P12.20 apiece. — Revin Mikhael D. Ochave
