RL Commercial REIT Inc. (RCR) has secured the rating PRS Aaa (corp.) with a stable outlook, from Philippine Rating Services Corp. (PhilRatings).
“With a PRS Aaa (corp.) rating, the highest issuer credit rating assigned on the PRS scale, RCR is deemed to have a very strong capacity to meet its financial commitments relative to that of other Philippine corporates. The rating includes a stable outlook for the company, which means it is expected to remain unchanged in the next 12 months,” the Robinsons Land-affiliated real estate investment trust (REIT) said.
RCR is currently the Philippines’ largest real estate investment trust (REIT), in terms of market capitalization at P64.2 billion, property valuation at P73.9 billion, asset size of 425,315 square meters in gross leasable area, and REIT initial public offering size of P23.5 billion.
“RCR also has the widest geographical coverage, covering nine locations in Luzon, Visayas, and Mindanao, and the longest average land lease tenure of 89 years,” the company said.
RCR said the investment-grade issuer credit cating allows the company “to increase its leverage limit from 35 percent to 70 percent of the total value of its deposited property, according to the REIT implementing rules and regulations (IRR).”
“This gives RCR greater financial flexibility to support its organic and inorganic growth for long-term sustainability,” it said.
“RCR’s initial portfolio was carefully selected for its stability, diversity, and focus on the information technology and business process management industry, or more commonly known as the business process outsourcing sector,” it added.
