Semiconductor firm Cirtek Holdings Philippines Corp. said it received a credit rating of PRS A (corp.) from Philippine Rating Services Corp.
Cirtek said in a disclosure to the stock exchange the assignment of the credit rating was in relation to its planned P2-billion issuance of commercial paper to repay maturing obligations and finance working capital.
A company rated PRS A (corp.) has an above average capacity to meet financial commitments relative to that of other Philippine corporates.
PhilRatings said, however, the company is somewhat more susceptible to adverse changes in circumstances and economic conditions than higher-rated corporates.
PhilRatings considered Cirtek’s established track record in the industry, strong customer base of well-established global companies and improved profitability.
The ratings firm also noted the ability of the management team to navigate the group through economic cycles, crises and industry challenges.