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Manila Bulletin devider Business devider SM Prime to sell P10 B worth of bonds

SM Prime to sell P10 B worth of bonds

Published Dec 18, 2020 05:19 pm

SM Prime Holdings Inc. is planning to raise up to P10 billion from the issuance of bonds representing the second tranche of its Three-year Shelf Registration Debt Securities Program (DSP) of up to P100.0 billion

Philippine Rating Services Corporation (PhilRatings) said it has assigned the highest issue credit rating of PRS Aaa to SM Prime’s (SMPH) proposed bond issue of P5.0 billion, with an oversubscription option of up to P5.0 billion. The rating has a Stable Outlook.

PhilRatings has also maintained its PRS Aaa credit rating and its Stable Outlook for SMPH’s outstanding Series B to Series L fixed-rate bonds, with a total amount of P100.0 billion.    

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. A Stable Outlook indicates that the rating is likely to be maintained in the next 12 months.

PhilRatings said the assigned issue ratings take into consideration SMPH’s healthy liquidity; sound capitalization; and strong brand equity which is expected to survive the challenges brought by the pandemic, and provide a solid base for continued growth and expansion as the economy gradually recovers. 

It noted that, SMPH’s liquidity remains healthy, with still positive cashflow from operations in the first nine months of 2020 despite the temporary closure of malls during the Enhanced Community Quarantine (ECQ).

“Recovery in rent revenues will sustain recurring income streams, moving forward.  Operating cashflow is forecast to remain positive, with investment properties accounting for bulk of cash outflows, and indicating SMPH will continue implementation of its growth strategy,” PhilRatings said.

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Philippine Rating Services Corporation (PhilRatings) SM Prime Holdings Inc.
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