MANILA, Philippines — Local credit watcher Philippine Rating Services Corp. maintained its top credit rating of PRS Aaa for Filinvest Development Corp.’s outstanding P8.8 billion bonds.
PRS Aaa is the highest credit rating on PhilRatings’ long-term issue credit rating scale. Obligations rated PRS Aaa are of the highest quality with minimal credit risk. The issuer’s capacity to meet its financial commitment on the obligation is extremely strong.
In arriving at the rating, PhilRatings considered FDC’s key strengths– stable revenue stream from its diversified business portfolio; the proven track record of its main contributing subsidiaries in terms of income and cash flows, itd conservative and professional management and growing and well-positioned businesses, particularly in real estate and banking.
Incorporated on April 27, 1973, FDC is engaged in real estate development, banking and financial services, hotel operations, leasing operations, power generation, and sugar farming and milling business. Being in the business for over four decades, FDC and its subsidiaries have survived the country’s economic downturns, financial crises and political turmoil.
FDC continued to generate steady earnings from all its businesses. Consolidated revenues maintained an upward trajectory from 2016 to 2018
The Filinvest Group is expected to focus on projects and developments in Clark, Pampanga this year, which includes the Clark International Airport, Filinvest Mimosa+ Leisure City and the 64-hectare Phase 1 of the group’s township development in New Clark City.
The company estimates its capital expenditure budget in 2019 to reach around P40.2 billion.