Philippine Rating Services Corp. (PhilRatings) said on Thursday it has maintained its credit rating of PRS Aaa, with a stable outlook, on D&L Industries Inc.’s P2 billion fixed rate bonds.
D&L is into product customization and specialization, marketing its products to businesses in the food ingredients, oleochemicals and other specialty chemicals, specialty plastics and consumer products original design manufacturing (ODM).
On keeping its highest rating for the bond, PhilRating cited D&L’s “extremely strong” capacity to meet its financial commitment on the obligation. The stable outlook, meanwhile, suggests that the rating is likely to remain unchanged in the next 12 months, it said.
PhilRatings explained that the rating and outlook were assigned to the company given its strong market position in its industry; diversification of products offered and markets served; and innovation-driven specialty products that protect the company from keen competition and ensure continued demand from customers.
The Philippine rating agency also cited D&L’s strong revenue generation, albeit with lower margins and manageable debt levels.
