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Phoenix Petroleum Philippines Inc. was assigned an issuer credit rating of PRS Aa minus with a stable outlook by the Philippine Rating Services Corp. (PhilRatings) for the company’s outstanding three-year commercial papers (CPs) program of up to P10 billion.
This indicates the company has a strong capacity to meet all its financial obligations and will allow the issuance of the CPs until next year with proceeds to be utilized in financing the company’s working capital requirements.
PhilRatings cited the continuous growth of Phoenix Petroleum’s retail presence and its market leadership among independent oil players as well as significant growth potential with its entry to complementary business ventures.
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