Semiconductor manufacturer Cirtek Holdings Philippines Corp. said Monday it obtained a credit rating of PRS A (corp.), with a stable outlook from Philippine Ratings Services Corp.
The rating was assigned in relation of Cirtek’s plan to issue up to P2 billion worth of commercial paper. The CP will be issued from the company’s proposed P6-billion shelf registration program.
A company rated PRS A (corp.) means it has an above average capacity to meet its financial commitments relative to that of other Philippine corporates. The company, however, is somewhat more susceptible to adverse changes in circumstances and economic conditions than higher-rated corporates.
The stable outlook means that the rating is likely to be maintained or to remain unchanged in the next 12 months.
Philratings considered the company’s manageable liquidity and capitalization levels and its established track record in the industry in assigning the rating.