Makati—(PHStocks)—An Issue Credit Rating of PRS Aaa, with a Stable Outlook, was assigned by Philippine Rating Services Corporation (PhilRatings) for Ayala Corp.’s (PSE: AC) proposed PhP10 billion Retail Bonds. The proceeds of the issuance will be used to refinance Ayala’s outstanding PRS-rated bond issuance of PhP10 billion maturing on April 30, 2017.
This will be the second and last issuance of the company in relation to its three-year Fixed Rate Bonds Program (FBP) of up to PhP20 billion. Last July 2016, Ayala initially issued PhP10 billion in Retail Bonds due on July 7, 2023 for its FBP. These were similarly assigned an Issue Credit Rating of PRS Aaa, with a Stable Outlook, by PhilRatings.