The Philippine Rating Services Corp. has extended its highest credit rating – a PRS Aaa with a stable outlook – to the proposed bond issuance of up to P15 billion by Robinsons Land Corporation (RLC), the real estate arm of the Gokongwei Group.
PhilRatings said that debt obligations rated PRS Aaa are of the highest quality with minimal credit risk while the stable outlook means the credit rating will remain unchanged in the next 12 months.
Robinsons Land earlier raised P15 billion from the initial tranche of its P30 billion debt securities program registered with the Securities and Exchange Commission. It filed with the SEC last week an application to issue the second tranche representing the remaining P15 billion to fund expansion plans..
The assigned rating considered Robinsons Land’s competitive position and track record, well-diversified portfolio of real estate properties, healthy liquidity, sound capitalization, and experienced management.
The real estate company owns and operates 53 mall, 31 prime office developments, eight workable centers in the growing flexible workspace segment, 25 diverse, multi-branded hotels, seven industrial facilities, over 100 residential properties, and 20 mixed-use developments.
Robinsons Land has a strong cash position, with total assets of P223.4 billion, total equity of P135.4 billion and a net book value per share of P25.59 exceeding pre-pandemic levels. Debt-to-equity stood at 0.33 times, indicating ample room for additional borrowings, if needed.
