Citicore Energy REIT Corp. (CREIT), the Philippines’ first renewable energy real estate investment trust, has retained its strong credit ratings from the Philippine Rating Services Corp. (PhilRatings) from 2022. CREIT holds an issuer credit rating of PRS Aa+ with a stable outlook, while its ASEAN Green Bonds maintain a PRS Aa+ rating, also with a stable outlook.
PhilRatings cited CREIT’s robust market position, driven by its portfolio of fully occupied green assets, as a key factor in its high ratings. The company benefits from a growing renewable energy sector and is backed by reputable shareholders, strong profitability, and sound financial health. Its assets are primarily leased to solar operators, ensuring stability and consistent revenue generation.
Oliver Tan, CREIT president and chief executive officer, emphasized that maintaining these high credit ratings demonstrates the company’s financial strength and its role as the leading Energy REIT in the Philippines. “Our aim is to continue empowering investments and ensuring that our debt instruments remain trusted by investors,” he said.
CREIT’s oversubscribed ASEAN Green Bonds, which raised PHP4.5 billion in 2023, helped expand its green portfolio to 7.1 million square meters. The company remains committed to supporting Citicore Renewable Energy Corp.’s goal of achieving 5GW in renewable energy capacity within five years.
