ABS-CBN keeps highest rating for P6-B bonds: PhilRatings


Posted at May 15 2017 07:38 AM

MANILA - ABS-CBN Corp. has maintained the highest rating for its P6-billion bond issue, credit watcher Philippine Rating Services Corp. (Philratings) said last week.

Philratings gave the media giant a PRS Aaa Issue Credit Rating, the highest quality with minimal credit risk. This means that ABS-CBN's capacity to meet its financial commitment on the obligation is extremely strong.

ABS-CBN bonds are due on February 10, 2021 and carry an interest rate of 5.3350 percent. PhilRatings likewise assigned a stable outlook for the said bonds, which means that their rating "is likely to be maintained or to remain unchanged in the next twelve months."

Philrating said ABS-CBN kept its rating and outlook due to the its dominant nationwide ratings, track record of its management,
sustained adequate profitability performance and strong coverage for interest and principal payments.

The company achieved high ratings from January to December 2016, with an overall audience share of 45 percent and a primetime audience share of 49 percent, based on Kantar Media TV Audience Measurement.

The top 10 shows based on ratings for the same period were from ABS-CBN.

ABS-CBN also continues to produce hit movies, such as the top 5 grossing locally-made films for 2016: The Super Parental Guardians, Barcelona: A Love Untold, The Unmarried Wife, Just The 3 of Us and Everything About Her.

These 5 movie projects combined reportedly grossed an estimated total of over P1.50 billion in box office sales.

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