MANILA - The P5-billion bond issue of Gotianun-led Filinvest Land Inc. (FLI) received a PRS Aaa rating, the highest rating possible from the Philippine Rating Services Corp. (Philratings).

The rating is given to debt obligations of the highest quality and with minimal credit risk, FLI told the local bourse on Monday.

FLI is offering up to P5 billion worth of fixed-rate 3-year and 5-year bonds, which are targeted for issuance next month.

The bonds will be listed in the fixed income exchange or the Philippine Dealing and Exchange Corp. to allow trading of the instruments in the secondary market.

The Gotianun-led firm has tapped BDO Capital and Investment Corp., BPI Capital Corp., and First Metro Investment Corp. as joint lead managers and underwriters for the bonds.

China Banking Corp. and RCBC Capital Corp., meanwhile, will serve as co-lead underwriters.

FLI's profits grew 6% to P759 million for the first half of the year, while its total assets stood at P53 billion. The company's total residential sales, on the other hand, rose by 14% during the 6-month period.

"The demand for FLI's core business of residential mass housing for the socialized, affordable, and middle-income markets remains steady," FLI said.

FLI has launched 11 new projects and phases as of end-June, or 43% of the company's full-year target.