Ayala bond issue worth P26 billion gets top marks; firm cited for strong portfolio

AYALA CORP. bonds worth P26 billion have secured the top rating from a local credit rater which cited the conglomerate’s diversified and self-sustaining investments portfolio.

“Ayala Corp.’s proposed multiple put corporate bonds of up to P6 billion, with an over-subscription option of up to an additional P4 billion and due in 2021, obtained the highest issue credit rating of PRS Aaa,” Philippine Rating Services Corp. (PhilRatings) said in a statement yesterday.

“Furthermore, the ratings for the company’s existing P6-billion bonds maturing in 2012, as well as the P10-billion putable bonds maturing in 2017, were likewise maintained at PRS Aaa,” it added.

Late in March, Ayala Corp. filed for approval with the Securities and Exchange Commission for the sale of as much as P10-billion putable bonds in May.

source: bworldonline.com