MANILA, Philippines — Local debt watcher Philippine Rating Services Corp. (PhilRatings) has upgraded its Corporate Credit for DoubleDragon Corp. to PRS Aaa.
The rating, which is the highest issuer credit rating assigned by PhilRatings, is in relation to the next tranche of dollar bonds that DoubleDragon plans to issue, amounting to $70 million.
According to PhilRatings, a company rated PRS Aaa (corp.) has a very strong capacity to meet its financial commitments relative to that of other Philippine corporates.
A stable outlook, meanwhile, means that the rating is likely to be maintained or to remain unchanged in the next 12 months.
DoubleDragon’s updated rating comes amid its completion of a portfolio of over 1.2 million gross floor area of leasable space.
This is strategically located in various parts of Luzon, Visayas and Mindanao and in select sunrise real estate sectors of provincial retail leasing with its string of CityMall community centers, its office buildings in DD Meridian Park complex in Bay Area Pasay and the 42-story Jollibee Tower in Ortigas CBD.
Another leg of business is warehouse leasing through the company’s string of CentralHub warehouse complexes.
Hotel 101 hotels in the Philippines as well as the most recently completed purchase of a 9,000-square meter prime land in Hokkaido Japan also form part of DoubleDragon’s portfolio.
The assigned ratings and the corresponding outlook took into account DoubleDragon’s growth strategies; experienced management, improved profitability after the onset of the COVID-19 pandemic and strengthening of cash flows moving forward, PhilRatings said.