Citicore Energy REIT Corp. (CREIT) said it was given a PRS Aa plus rating for its planned P4.5 billion Asean green bonds from credit ratings firm Philippine Rating Services Corp.
The company is looking to issue an initial P3 billion and another P1.5 billion covering the oversubscription option for the bonds that will exclusively be used for projects like renewable energy, energy efficiency, pollution prevention and control, environmentally sustainable management of living natural resources and land use, clean transportation, climate change adaptation and green buildings.
The real estate investment trust (REIT) noted that obligations rated PRS Aa are of high quality and are subject to very low risk.
“The obligator’s capacity to meet its financial commitment on the obligation is very strong.
The ‘plus’ further qualifies the assigned rating,” it said.
CREIT said PhilRatings also gave a stable outlook for its bond issuance, an indication that the rating change will not be changed within one year after the ratings was given.
“The assigned credit ratings and corresponding outlook took into account CREIT’s unique portfolio of renewable energy REIT assets that enjoy stable full occupancy from lessees with cycle-resilient operations,” CREIT said.
“It also took into account CREIT’s strong profitability with high margins and sound financial position and significant flexibility for expansion,” it added.
