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Manila Bulletin devider Business devider ALI's Cebu unit maintains top rating despite pandemic impact

ALI's Cebu unit maintains top rating despite pandemic impact

Published Jul 2, 2020 05:16 pm

Cebu Holdings Inc., a unit of Ayala Land Inc., maintained its top issue credit rating of PRS Aaa, with a Stable Outlook, for its total outstanding Fixed Rate Bonds of P5 billion.

Philippine Rating Services Corporation (PhilRatings) said this means CHI’s capacity to meet its financial commitment on the obligation is extremely strong.

A Stable Outlook is assigned when a rating is likely to be maintained or to remain unchanged in the next twelve months.

PhilRatings said CHI earned the ratings because of its solid linkage with and support from ALI, complemented further by the company’s competent and experienced management team; and its strong competitive position given diversified portfolio.

Also taken into consideration is the sustained position of Cebu as an economic hub, albeit prospects have been tempered by the COVID-19 pandemic; and CHI’s sustained growth in profitability in the past years, with a slowdown expected in the medium term due to the pandemic.

CHI is a leading property development company in the province of Cebu. The company is a subsidiary of ALI and part of the Ayala Group.

In the first quarter of 2020, CHI’s total revenues surged by 86 percent to about P1.50 billion compared to the same period of last year.

This was supported by revenues from the sale of commercial lots which jumped to P655.3 million due to the sale of four commercial lots at Seagrove estate in Phase 2.

Though there was an observed slowdown in rental income due to the pandemic, this was more than offset by the sales from commercial lots.

Net income settled at P431 million, an increase of 89 percent versus the same period in 2019.

In light of the unprecedented challenges stemming from of the COVID-19 pandemic, the performance of CHI is expected to slow down for full year 2020.

Given the ECQ in Cebu, construction activities were delayed. Rent is likewise expected to decline given the closure or limited opening of malls and dining establishments.

In response to this, CHI prioritizes cash preservation through controlled disbursements and managing of expenses, as market conditions stabilize.

CHI disclosed its budgeted capital expenditures for 2020 of P1.6 billion. This may be subject to change given the fluctuating economic and market conditions due to the pandemic.

A total of P287.7 million was spent in the first quarter, mainly for the development of the various projects, equity infusion to affiliates and land acquisition.

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