By James A. Loyola Property giant Ayala Land, Inc. is raising P10 billion from the issuance of 10-year fixed rate bonds as part of its three-year Debt Securities Program (DSP) of up to P50.0 billion. ALI has already issued a total of P32.0 billion in relation to its DSP and the new issuance should bring this up to P42 billion with P18 billion remaining. The proceeds of the issuance will be used to partially finance ALI’s projects including the mixed-use development in the former location of Hotel Intercon. Proceeds will also fund the mixed-use development in the Aseana City complex, the City Gate mixed-use development in Makati, the redevelopment of the northern portion of the Ayala Triangle Gardens, Cloverleaf Mall and Vertis Mall. Philippine Rating Services Corporation (PhilRatings) has assigned the highest Issue Credit Rating of PRS Aaa, with a Stable Outlook, for ALI’s proposed Fixed-rate Bonds worth P10.0 billion with a 10-year tenor. Obligations rated PRS Aaa are of the highest quality with minimal credit risk. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong. All other outstanding debt issuances of ALI have also maintained their PRS Aaa ratings, with a Stable Outlook. The Outlook is an indication as to the possible direction of any rating change within a one year period. A Stable Outlook is assigned when a rating is likely to be maintained or to remain unchanged in the next twelve months. PhilRatings said the ratings were assigned given ALI’s continuously growing profitability, coupled with healthy cash flow generation and high cash reserves as well as its sound capitalization, with a manageable debt level and mix. Also considered is ALI’s well-diversified portfolio, with a sizable and strategic landbank for future expansion, complemented by solid brand equity and a highly-experienced management team; and the sustained healthy outlook for the economy and real estate industry. (JAL)