MANILA, Philippines - Phoenix Petroleum Philippines' possible issuance of up to P3 billion in corporate notes has received a rating of PRS Aa minus from the Philippine Rating Services Corporation (PhilRatings).
"Obligations rated PRS Aa are of high quality and are subject to very low credit risk. The obligor’s capacity to meet its financial commitment on the obligation is very strong," the ratings agency said.
PhilRatings had earlier given a PRS Aa rating to Phoenix's P1 billion notes issuance.
The newly assigned rating considered the increase in the size of the issuance to P3 billion, additional loan availments in 2012 and the challenge of generating positive cash flows.
Phoenix reported sales revenues jumped 21% to P16.9 billion in the first half of the year. However, net income fell by 32.65% to P205.74 million, as higher total expenses countered the revenue growth.