The Philippine Ratings Services Corp. (PhilRatings) assigned a rating of PRS Aaa to SM Prime Holdings Inc.’s (PSE: SMPH)proposed bond issue of PhP15 billion, with an oversubscription option of PhP5 billion, for a maximum aggregate amount of PhP20 billion.
The bonds are part of the company’s proposed 3-year Debt Securities Program of up to PhP60 billion. The rating for SMPH’s outstanding bonds amounting to PhP70 billion was likewise maintained at PRS Aaa. PhilRatings assigned a Stable outlook for the ratings of the proposed and outstanding bonds.
PRS Aaa is the highest rating assigned by PhilRatings, denoting that such obligations are of the highest quality with minimal credit risk and that the issuing company’s capacity to meet its financial commitment on the obligations is extremely strong.