By Zinnia B. Dela Peña (The Philippine Star) Updated January 09, 2012 12:00 AM
MANILA, Philippines - Robinsons Land Corp. retained its highest rating of PRS Aaa from local credit rating agency PhilRatings for its outstanding P10 billion bonds maturing in 2014.
Obligations rated PRS Aaa are of the highest quality with minimal credit risk. The obligor’s capacity to meet its financial commitment on the obligations is extremely strong.
RLC, the property arm of Gokongwei listed flagship firm JG Summit Holdings Inc., is engaged in the development and operation of shopping malls and hotels, and the development of mixed-use properties, office and residential buildings, as well as land and residential housing projects located in key cities and urban areas nationwide.
“Considering current market developments and conditions both globally and locally, RLC is now investing more in malls, office buildings and hotels, while taking a more conservative stance in relation to the development of residential real estate projects. This move signifies that RLC is expected to have a more stable and strong recurring rental and lease revenue base from investment properties while at the same time, pursuing opportunities through its residential development businesses,” PhilRatings said.
Sustained robust OFW remittances, the increase in consumer spending, as well as an expanding BPO business are expected to boost demand for residential space going forward and will continue to support growth in the commercial centers business, PhilRatings said.
The completion of the ongoing development and expansion projects (which include new malls in Calasiao, Pangasinan; Puerto Princesa, Palawan; Magnolia in Quezon City; expansion of Robinsons Bacolod and Robinsons Tacloban; as well as the Phase 2 redevelopment of Robinsons Metro East) within the second semester of 2011 up to the first half of 2012, are expected to expand the net leasable area of RLC’s commercial centers division to approximately 911,800 square meters.