MANILA, Philippines - Ayala Land, Inc. was assigned the highest rating by local debt watcher Credit Rating and Investors Services Philippines, Inc. (CRISP) amid the property firm's strong financial performance and planned development projects.
CRISP assigned an 'AAA' issuer rating with a stable outlook on the property arm of conglomerate Ayala Corp.
Ayala Land on Thursday issued P1 billion of fixed rate notes, the first tranche of its three-year, fixed-rate Ayala Land Homestarter Bonds amounting to a total of P3 billion.
"CRISP assigns a stable credit outlook for ALI’s issuer rating as CRISP continues to believe that ALI’s strong financial performance will continue and roll out of its new development projects will sustain its leadership position," the debt watcher said.
The high rating on Ayala Land is supported by the firm's market leadership, which is supported by its flagship projects in Makati, and its effective land banking strategy with the company's portfolio including hectares of prime land in Makati and Bonifacio Global City in Taguig.
The property firm's historically strong income further supports the 'AAA' rating on Ayala Land, CRISP said.