FLI debt papers get top PhilRatings grade
Proceeds from the issuance will be used for capital expenditures and debt refinancing
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Proceeds from the issuance will be used for capital expenditures and debt refinancing
The proposed P10-billion bond float of property developer Filinvest Land Inc., or FLI, has been assigned the highest credit ratings and stable outlooks by the Philippine Rating Services Corporation, or PhilRatings.
FLI's proposed bonds, amounting to P10 billion with a P2-billion oversubscription allowance, were assigned an issue credit rating of PRS Aaa. The high rating was also assigned to FLI's outstanding bonds, totaling P35.4 billion.
Proceeds from the issuance will be used for capital expenditures and debt refinancing.
"We are delighted to receive a PRS Aaa rating from PhilRatings for our proposed bond issuance. This rating reflects our healthy fundamentals and underscores our constant focus on growth and financial sustainability," Tristan Las Marias, FLI president and chief executive officer, said.
PRS Aaa signifies the highest credit quality with minimal risk. The capacity to meet financial commitment is extremely strong under the grade.
Outlook stable
PhilRatings also issued a stable outlook on PhilRatings. An outlook gives a glimpse on the direction of any rating change within one year.
A Stable outlook means the rating will likely be unchanged in the next 12 months. PhilRatings said it took "into account the following key considerations: FLI's established brand name and track record, with geographically diverse real estate products and substantial land bank for future expansion; its sound growth strategies; its improved revenues and operating cash flow, supported by more than satisfactory liquidity and interest coverage" for the outlook.
For 2023, FLI will launch condominium and housing developments in Antipolo City, Taytay, Angono, Calamba City, Tanauan City, Trece Martires City, Bacoor City, Dumaguete City, and the Island Garden City of Samal.
FLI will also accelerate the development of its township projects in East Town in Cainta, Rizal; Timberland Heights in San Mateo, Rizal; Ciudad de Calamba in Calamba City, Laguna, The Wood Estates in Trece Martires City, Cavite, and Palm Estates in Bacolod City, Negros Occidental.
The FLI townships will include residential, commercial, transportation, and school components to create a self-sufficient environment that considers the needs of residents and customers in mind.
For malls, FLI is currently constructing Marina Town in Dumaguete City which will open by end-2023, and new malls in Filinvest Mimosa+ Leisure City and Activa Cubao which will open by end-2024.
These will expand FLI's retail portfolio by about 55,000 square meters in gross leasable area, or GLA, bringing FLI's nationwide retail GLA to 300,000 square meters.
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