Cirtek gets top credit rating for P2 billion CPs

MANILA, Philippines — Cirtek Holdings Philippines Corp. (CHPC), has obtained an issuer credit rating of PRS A by local debt watcher Philippine Rating Services Corp. (PhilRatings).

The credit rating is in relation to the company’s plan to issue commercial papers (CPs) worth up to P2 billion.

According to PhilRatings, a company rated PRS A has an above average capacity to meet its financial commitments relative to other Philippine corporates.

At the same time, the debt watcher noted that the company is “somewhat more susceptible to adverse changes in circumstances and economic conditions than higher-rated corporates.”

A stable outlook meanwhile, means PhilRatings will likely maintain the ratings in the next 12 months.

Generally, an outlook is an indication as to the possible direction of any rating change within a one-year period and serves as a further refinement to the assigned credit rating for the guidance of investors, regulators, and the general public.

In assigning the rating and outlook, PhilRatings considered “Cirtek group’s established track record in the industry, supported by a strong and experienced management team that has navigated the Group through economic cycles, crises, and industry challenges and the company’s strong customer base.”

PhilRatings said it would continuously monitor developments relating to CHPC and may change the rating at any time, should circumstances warrant a change.

CHPC, a fully integrated global technology company focused on wireless communication, is engaged in the business of design, development and delivery of the wireless industry’s antenna solutions, and the manufacture of integrated technology products.

It is the parent company of Cirtek Electronics Corp. (CEC), Cirtek Advanced Technologies and Solutions Inc. (CATSI) and Quintel USA Inc. (Quintel).

Cirtek’s Quintel USA designs, develops and delivers advanced high efficiency, high-performance antenna products and solutions that help mobile network operators increase efficiency.

Quintel antennas allow reduced tower drag due to aerodynamics and ultra-low passive intermodulation that enable quality of service such as better voice clarity manufactures valued added, highly integrated microwave and millimeter wave technology products catering to the military, telecommunications, satellite communications, enterprise networks, automotive radar, semiconductor test boards, and industrial segment.