Boosted by strong credit ratings, Citicore Energy REIT Corp. (CREIT) remains committed to building a trusted platform for investors and creditors alike.

In a stock exchange filing on Tuesday, CREIT said it retained its PRS Aa plus (corp.) Issuer Credit Rating with a Stable Outlook, while its ASEAN Green Bonds also kept a PRS Aa plus rating with a Stable Outlook.

PRS Aa+ credit rating sustained

“Sustaining the PRS Aa+ credit rating from PhilRatings, for both the company as an issuer and the company’s maiden ASEAN Green Bond, is a testament to the company’s strong financial position and profitability as the foremost Energy REIT in the Philippines, delivering superior yields from its green asset portfolio,” CREIT president and CEO Oliver Tan said.

“We intend to continue as a platform that empowers investments, ensuring that our debt instruments are trusted by creditors and investors,” he added.

PhilRatings said the Issuer Credit Rating assesses a company’s ability to meet financial obligations within a year, while PRS Aa-rated securities are high quality with very low credit risk.

CREIT issued P4.5 billion in ASEAN Green Bonds in February 2023, using the proceeds to acquire properties and expand its green asset portfolio to 7.1 million square meters, cementing its position as the country’s largest renewable energy landlord.

Confidence in business model

For Tan, the company’s strong ratings reflect confidence in its business model.

He noted that a full occupancy leased out to solar operators and developers and operating in a crisis-proof industry has allowed CREIT to consistently declare above-prescribed dividends since its listing in February 2022.

CREIT’s land holdings form part of the expansion pipeline of its sponsor, Citicore Renewable Energy Corp., which is pushing forward with its 5GW-in-five-years target.