Posted on
February 22, 2013 07:51:16 PM [ BusinesWorld Online ]
FIXED-RATE
BONDS held by listed Robinsons Land Corp. have retained their top rank by
credit rating agency Philippine Rating Services Corp. (PhilRatings) due to
minimal risks as well as robust company fundamentals.
“Robinsons
Land kept its issue credit rating of PRS Aaa for its outstanding bonds
amounting to P10 billion. Obligations rated PRS Aaa are of the highest quality
with minimal credit risk. The obligor’s capacity to meet its financial
commitment on the obligation is extremely strong,” PhilRatings said in a
statement Friday.
PhilRatings
also noted Robinsons Land’s stable recurring income and profitability, robust
balance sheet and capital structure, reputable name, and track record.
Also cited
was the country’s strong economic fundamentals which have contributed to the
positive outlook for the developer’s business segments, according to the
statement.
Meanwhile,
the debt watcher said the property company’s potential deal with Okada-owned
Universal Entertainment Corp. could “potentially boost the profitability growth
of Robinsons Land’s existing business.”
Last month,
Robinsons Land inked an initial deal with Japan-based Universal Entertainment
wherein the Gokongwei-led company would take minority and majority stakes in
Okada Group units Tiger Resorts Leisure and Entertainment, Inc. and Eagle 1
Land Holdings, Inc., respectively.
Under the
deal, Robinsons Land will build commercial and residential facilities at Tiger
Resorts’ Manila Bay Resorts, an integrated casino resort complex that broke
ground in January last year at the Bagong Nayong Pilipino Entertainment City
near Manila Bay, Parañaque City. Eagle 1 owns the land.
Robinsons
Land was incorporated in 1980 and is the property arm of listed conglomerate JG
Summit Holdings, Inc. As of end-September last year, the company operated 32
shopping malls, 34 residential projects, eight office buildings, and nine
hotels.
Shares of
Robinsons Land rose by 30 centavos or 1.38% to P22.00 each on Thursday from the
previous day’s close of P21.70. -- Franz Jonathan G. de la Fuente
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