Megaworld Corp.’s (PSE: MEG) existing Php5 billion fixed rate bond issue maintained the highest credit rating of “AAA” from Credit Rating and Investors Services Philippines Inc. (CRISP) due to impressive net income growth.
The bonds, maturing in 2015, continue to be rated AAA after a recent review. This shows that Megaworld’s Php5 billion bonds are of the highest quality and with the least probability of investment risk.
In assigning the rating, CRISP considered MEG’s exceptional track record in the real estate industry, strong property sales and leasing income, and continued dominance in the high growth market segments that comprise the middle-income residential market and BPO office developments.
CRISP continues to believe that Megaworld’s strong financial performance and land-banking strategy would provide the necessary resources to protect its leadership in the mid-income and BPO market segments.