Vista Land gets highest rating from CRISP

Posted at 03/20/14 9:44 AM

MANILA, Philippines - Vista Land, the property holding company owned by former Senator Manuel Villar's family, received the highest credit rating from Credit Rating and Investors Services Philippines, Inc. (CRISP).

CRISP assigned "AAA" issuer rating with a stable outlook on Vista Land.

CRISP cited the company's "leadership in the low-cost and affordable housing market, excellent financial performance, strong management team and a successful operating model."

Vista Land is the leader in the low-cost and affordable housing market segments, having built more than 250,000 homes located in
34 provinces, 73 cities and municipalities in the country.

CRISP noted that Vista Land recorded an 22% average net income growth in the last five years. During the same 5-year period, the company's EBITDA margins averaged 36% while its gross margins averaged 51%.

The ratings agency said the company will continue to lead in the low-cost and affordable market segments due to its strategic landbank and growing demand from the market.

Villar, chairman of the company, said the high credit rating is "proof of Vista Land’s sound financial and management performance."

"A Triple A credit rating like this should encourage us to continue to deliver quality and affordable homes to a greater number of our countrymen – a vast majority of whom have been working very hard to give their families a home they could call their own," he said.

Manuel Paolo Villar, President & CEO of Vista Land, added: "We’re very glad that CRISP gave Vista Land its highest credit rating and hope that beyond numbers and ledgers, our work to provide affordable housing would continue to be much appreciated by our very own customers – who, at the end of the day, are our most vocal raters."

Vista Land is further expanding in the affordable and low-cost housing segments being catered by its Camella brand and newly-launched Lumina brand this year.

The company will be launching P28 billion worth of new projects this year. Vista Land launched 35 projects with an estimated total value of P26.1 billion last year.