Laguna-based Cirtek Holdings Philippines Corp.’s (CHPC) P2-billion commercial paper issuance secured an above average rating from local credit rating firm Philippine Rating Services Corp.
The company said the local ratings firm gave its offering a credit rating of PRS A (corp), with a stable outlook.
This means that the company has an above average capacity to meet its financial commitments relative to that of other Philippine corporates, but it is somewhat more susceptible to adverse changes in circumstances and economic conditions than higher-rated corporates. A stable outlook means that the said rating may not change in the next 12 months.
The ratings firm said it gave the grade on the company’s “improving leverage levels, the group’s established track record in the industry, supported by a strong and experienced management team that has navigated the group through economic cycles, crises and industry challenges and its strong customer base of well-established global companies.”