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Megaworld Maintains PRS Aaa Rating for P12B Bonds

Megaworld Corporation kept its PRS Aaa rating for its P12-billion bonds issued two years ago. Philippine Rating Services Corporation (PhilRatings) assigned its highest rating to the said security on the back of the property company’s robust liquidity, sound capitalization, and strong management, as well as favorable industry outlook.

Megaworld’s Series B fixed rate bonds were priced at 5.3535% p.a. and will mature in 2024. The company made an initial offer of P8-billion upon announcing the debt raising activity, but due to strong demand from a wide spectrum of investors ranging from individuals in the retail market to banks, investment funds, pension funds, insurance companies and other corporates, it fully exercised the issue’s P4-billion oversubscription option.

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. PRS Aaa is the highest rating assigned by PhilRatings. The rating was also assigned an Outlook of Stable. This means that the assigned issue credit rating is likely to remain unchanged in the next 12 months.

Megaworld, the country’s largest developer of integrated urban townships and the biggest lessor of office spaces, initially established a reputation for building high quality residential condominiums and commercial properties in certified first choice locations in Metro Manila. Beginning 1996, in response to demand for a lifestyle of convenience, Megaworld began to focus on the development townships beginning with Eastwood City.

Celebrating its 30th year in the real estate industry, Megaworld already has 24 masterplanned townships and integrated lifestyle communities across the country, namely: Eastwood City in Libis, Quezon City, (18.5 hectares); Newport City in Pasay City (25 hectares); McKinley Hill (50 hectares), McKinley West (34.5 hectares), Uptown Bonifacio (15.4 hectares) and Forbes Town (5 hectares), all in Fort Bonifacio, Taguig City; The Mactan Newtown in Lapu-Lapu City, Cebu (30 hectares); Iloilo Business Park in Mandurriao, Iloilo City (72 hectares); Sta. Barbara Heights in Sta. Barbara, Iloilo (173 hectares); Boracay Newcoast in Boracay Island (150 hectares); Twin Lakes in Alfonso, Batangas near Tagaytay (1,200 hectares); ArcoVia City in Pasig City (12.3 hectares); Southwoods City in the boundaries of Cavite and Laguna (561 hectares); Davao Park District in Lanang, Davao City (11 hectares); Alabang West in Las Piñas City (62 hectares); Eastland Heights in Antipolo, Rizal (640 hectares); Suntrust Ecotown in Tanza, Cavite (350 hectares); Maple Grove in General Trias, Cavite (140 hectares); The Hamptons Caliraya in Lumban-Cavinti, Laguna (300 hectares); The Upper East (34 hectares) and Northill Gateway (50 hectares) both in Negros Occidental; Capital Town Pampanga beside the Pampanga Provincial Capitol in the City of San Fernando (35.6-hectares); Westside City in the Entertainment City in Paranaque City (31 hectares); and Highland City in Cainta, Rizal (24 hectares).

Source: Megaworldcorp