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Bank of Commerce gets double-A credit rating – Manila Bulletin

Published May 12, 2021, 3:12 PM Bank of Commerce (BankCom), the banking affiliate of San Miguel Corporation (SMC), was assigned an Issuer Credit Rating of PRS Aa (corp.), with a Stable Outlook, by Philippine Rating Services Corporation (PhilRatings). A company rated PRS Aa (corp.) differs from the highest rated corporates only to a small degree, and has a strong capacity to meet its financial commitments relative to that of other Philippine corporates. A Stable Outlook indicates that a rating is likely to be maintained in the next 12 months.  PhilRatings said the assigned issuer rating takes into account BankCom’s well-defined growth strategy, but which brings keen competition from bigger and more established rivals, while BankCom continues to be a mid-size bank.

SMC s P30-B bond offering get triple-A rating

Published May 5, 2021, 5:06 PM Diversified conglomerate San Miguel Corporation’s planned offering of up to P30 billion in fixed-rate peso-denominated bonds has been given the highest issue credit rating of PRS Aaa by Philippine Rating Services Corporation (PhilRatings). SMC is planning a bond issuance of P20 billion, with an Oversubscription Option of up to P10 billion. This will be the first issuance of SMC in relation to its three-year Shelf Registration of Bonds of up to P50 billion from 2021 to 2024. PhilRatings said it has also maintained its issue credit rating of PRS Aaa, with a Stable Outlook, for the company’s P60 billion in outstanding rated bonds.

SL Agritech gets high credit rating

Published February 8, 2021, 3:00 PM SL Agritech Corporation (SLAC), the leading producer of hybrid rice seeds and premium rice in the Philippines, has been assigned a high issuer credit rating of PRS Aa (corp.), with a Stable Outlook by Philippine Rating Services Corporation (PhilRatings). PhilRatings said the rating was given in relation to the company’s commercial paper (CP) issuance of up to P2.0 billion. The proceeds will be used to pay the company’s short-term obligations, and to purchase rice and seed inventories from its contract growers. An issuer credit rating is an opinion on the general and overall creditworthiness of the issuer, evaluating its ability to meet all its financial obligations within a time horizon of one year.

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