Real estate giant Ayala Land Inc. is planning to raise up to P12 billion from the issuance of bonds to fund its capital expenditures this year as well as for the refinancing of obligations.
Philippine Rating Services Corporation said it has assigned its highest Issue Credit Rating of PRS Aaa, with a Stable Outlook, to ALI’s ALI’s proposed bond issuance of P8.0 billion, with an oversubscription option of up to P4.0 billion.“The proceeds of the proposed bond offering will be used for refinancing and to fund general corporate requirements, including capital expenditures,” said PhilRatings.
Obligations rated PRS Aaa are of the highest quality with minimal credit risk. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong. A Stable Outlook indicates that the assigned rating is likely to be maintained in the next 12 months.
ALI is increasing its capital expenditures by 40 percent this year to P90 billion from P64 billion in 2021 as it prepares to launch P100 billion worth of new projects in 2022 from P75 billion last year.
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