Megaworld Corp. maintained the top PRS Aaa rating for its P12-billion bonds issued two years ago.
Philippine Rating Services Corp. assigned its highest rating to the said security on the back of the property company’s robust liquidity, sound capitalization, strong management, and favorable industry outlook.
The P12-billion Series B fixed-rate bonds were priced at 5.3535 percent per annum and will mature in 2024.
The company made an initial offer of P8 billion upon announcing the debt raising activity. It said that with the strong demand from a wide spectrum of investors ranging from individuals in the retail market to banks, investment funds, pension funds, insurance companies, and other corporates, P4 billion oversubscription option was also exercised.
Obligations rated PRS Aaa are of the highest quality with minimal credit risk and indicates that the obligor’s capacity to meet its financial commitment on the obligation is extremely strong.
