Alsons Consolidated Resources Inc. (ACR) secured a PRS A plus (corp.) with a stable outlook issuer credit rating from the Philippine Rating Services Corp. (PhilRatings) for the proposed first tranche worth P2 billion of the company’s new commercial papers (CP) program.
PhilRatings sees the company to have an above average capacity to meet its financial commitments relative to other Philippine corporates for its P3 billion CP program that is targeted for listing and issuance within the year, pending approval by the Securities and Exchange Commission (SEC).
The credit rating agency cited the growth prospects in Mindanao which will increase demand for power and ACR’s ability to establish joint ventures with strong partners for projects.
ACR currently has a portfolio of four power facilities with an aggregate capacity of 468 MW serving over eight million people in 14 cities and 11 provinces. -J. Macapagal