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NHMFC’s mortgage bond ratings affirmed

Posted on 08:16 PM, June 23, 2010 [ BusinessWorld Online ]

LOCAL CREDIT rater Philippine Ratings Services Corp. (PhilRatings) is maintaining its ratings for the “Bahay Bonds” issued by state-run National Home Mortgage Finance Corp. (NHMFC) last year.
In a statement yesterday, PhilRatings said the P1.542-billion Class A Senior Notes are still rated at PRS Aa, while the rating for the P310.898-million Class B Subordinated notes, retained by the NHMFC for its own account, is still PRS Baa.
The senior notes were sold to the public, while the Class B notes were kept by NHMFC for liquidity purposes.
The NHMFC’s “Bahay Bonds,” are the first mortgage-backed bonds sold in the country. They are backed by about 12,000 premium residential mortgage loans extended by the government.They will mature in 2014.
“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,” PhilRatings said in the statement.
It said that PRS Baa-rated issues have adequate protection parameters but adverse economic conditions and changing circumstances may lead to a weakened capacity of the obligor to meet its financial commitment.
PhilRatings noted that the NHMFC’s standby liquidity facilities comply with the required reserve amounts, which assures uninterrupted payment of the taxes, expenses as well as the interest and principal on the senior notes. -- L. D. Desiderio
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