CRISP assigns AA+ issuer rating on Rockwell Land
MANILA, Philippines - Rockwell Land Corp. received an AA+ issuer rating with positive outlook from the Credit Rating and Investors Services Philippines (CRISP), as the property firm offers its 7 1/4th year fixed rate, unsecured P5 billion bonds.
CRISP said the AA+ rating represents its credit rating opinion on a borrower's "very strong capacity to repay debt with a low probability of default and a high recovery rate in worst case scenario."
CRISP noted that Rockwell has established a reputation for innovative, world-class commercial and residential projects for high-end and upper-middle segments.
Rockwell was also cited for its impressive income growth and prudent fiscal management policy. Its annual net income growth has averaged nearly 20% in the last five years.
"CRISP believes that Rockwell Land management's deliberate strategy to focus in the high-end and upper middle segments of the market has provided the company an improved leverage in the competitive property development market," it added.
It also cited an independent survey indicating that Rockwell Center commands the highest capital value in the country at P133,000 per square meter. This is expected to go up by 8% in the next 12 months.
"CRISP assigns a positive outlook to signify its confidence that Rockwell Land’s focused growth strategy will result in stronger financial outcomes, increased market share and a more diversified market presence. This outlook is premised on stable interest rate, robust overseas remittance trends and calm overall political environment," it added.