Lopez family-led Rockwell Land Corp. is set to tap the local bond market for the first time in 13 years after securing the highest possible credit rating for its planned P10-billion issuance, signaling strong investor confidence in the property developer’s balance sheet.

Philippine Ratings Services Corp. assigned a PRS Aaa rating with a Stable Outlook to Rockwell Land’s proposed bond issuance of up to P10 billion, a rating that denotes minimal credit risk and the strongest capacity to meet financial commitments.

Citing a registration statement filed with the Securities and Exchange Commission, Rockwell Land said Wednesday it plans to offer up to P7 billion in fixed-rate bonds, with an oversubscription option of up to P3 billion. The bonds will be issued in up to two series with three-year and five-year tenors.

The bonds will be issued at 100 percent of face value, with interest computed on a 30/360 day count basis and paid quarterly in arrears.

The target offer period is from 4 to 10 March, and the bonds will be listed on the Philippine Dealing & Exchange Corp.

Proceeds from the bond sale will be used to partially fund capital expenditures for land development and construction costs of Rockwell Land’s existing projects, including its horizontal residential developments, Power Plant Mall Angeles, Rockwell IPI, Aruga Mactan Hotel, and Rockwell Center Bacolod.

BDO Capital & Investment Corp. and First Metro Investment Corp. were appointed as joint issue managers. They will also act as joint lead underwriters and bookrunners together with PNB Capital and Investment Corp. and RCBC Capital Corp.