SM Prime Holdings Inc., the listed property arm of the SM Group, said its proposed fixed-rate bond has secured a credit rating of PRS Aaa, the highest measure of creditworthiness by Philippine Rating Services Corp.
SM Prime aims to raise as much as P25 billion, including P5 billion from oversubscription, from the second tranche of its P100 billion shelf registration for fixed-rate bonds, approved by the Securities and Exchange Commission (SEC) in May this year.
The bond issuance is part of SMPH’s ongoing capital raising efforts to support its business expansion and development projects.
PhilRatings also affirmed the PRS Aaa rating for SMPH’s outstanding bonds totaling P137.8 billion, underscoring the company’s consistent financial strength and solid creditworthiness. The PRS Aaa rating, the highest available from PhilRatings, reflects the company’s strong capacity to meet its financial obligations with minimal risk of default.
A Stable outlook was assigned to both the proposed and outstanding bonds, indicating that the company is expected to maintain its financial stability and meet its obligations over the long term. SMPH’s solid reputation in the real estate sector, along with its robust earnings and diversified portfolio, have contributed to its favorable credit profile.
