Philippine Rating Services Corp.(PhilRatings) assigned an issuer credit rating of PRS A (corp.), with a stable outlook, for Cirtek Holdings Philippines Corp. (CHPC) in relation to the company’s plan to continue issuing commercial papers (CPs) of up to P2 billion.
The rating and outlook were assigned given the improving leverage level and the Cirtek Group’s established track record in the industry.
CHPC’s strong customer base of well-established global companies was also cited.
CHPC recorded improved profitability in the first nine months of 2021.
“Although the outlook is positive at present, the industry is highly competitive, cyclical, and is susceptible to adverse changes in various economies, and is characterized by the presence of larger international players.
CHPC is a fully integrated global technology company focused on wireless communication.
It is an independent, complete solutions provider for subcontract manufacturing of semiconductor devices and provides a broad range of assembly and testing services for various product applications and industries.
