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Robinsons Land fixed-rate bonds retain top rank

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, ParaƱaque 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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