FLI’s P12 billion bond issue gets highest rating

MANILA, Philippines — Philippine Rating Services Corp. (PhilRatings) has assigned the highest rating to the P12 billion issuance of Gotianun-led Filinvest Land Inc.

FLI received an issue credit rating of PRS Aaa for the issuance. Obligations rated PRS Aaa are of the highest quality with minimal credit risk.

The rating carries a stable outlook, which means that PhilRatings is not likely to change its decision within the next 12 months.

“We are grateful to PhilRatings for the credit rating they issued for our most recent bond issuance. This is a testament to the confidence of the capital market community in our vision of continuing to provide best-value homes to more customers and improve their lifestyles in pursuit of the Filipino dream,” FLI president and CEO Tristan Las Marias said.

PhilRatings said the assigned issue credit ratings take into account key considerations such as FLI’s established brand name and track record as well as its sound growth strategies and solid foothold in the affordable and middle-income segments.

Also taken into consideration were the company’s strong profit performance, positive operating cash flows and ample liquidity.

“FLI’s reputation and its proven track record of completed projects reinforces the reliability of its wide range of real estate products,” PhilRatings said.

“The company also continues to have a strong foothold in the affordable and middle-income residential market segments. Given the significant portion of the country’s property purchases coming from the middle-income market, FLI is well-positioned to capitalize on this demand and its projected expansion,” it said.

FLI’s planned bond issuance has a base amount of P9 billion and an oversubscription option of P3 billion.

According to the company, pricing for the bonds would be set in the coming months.

The issuance is the second in a shelf registration worth P35 billion approved in November last year by the Securities and Exchange Commission.