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Manila Bulletin devider Business devider Cirtek to issue P2-B commercial papers

Cirtek to issue P2-B commercial papers

Published Feb 4, 2022 06:09 pm

Cirtek Holdings Philippines Corporation (CHPC) is planning to issue Commercial Papers (CPs) of up to P2.0 billion as it continues to raise funds from various sources for the expansion of its subsidiaries.

Philippine Rating Services Corporation (PhilRatings) assigned Cirtek an Issuer Credit Rating of PRS A (corp.) which means it has an above average capacity to meet its financial commitments relative to that of other Philippine corporates.

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It noted though that the company is somewhat more susceptible to adverse changes in circumstances and economic conditions than higher-rated corporates. PhilRatings also gave it a Stable Outlook which means the rating is likely to be maintained in the next 12 months.

The rating and Outlook were assigned given the firm’s improving leverage levels and the Group’s established track record in the industry, supported by a strong and experienced management team that has navigated the Group through economic cycles, crises, and industry challenges.

PhilRatings also noted CHPC’s strong customer base of well-established global companies, and which is diversified in terms of regions and industries, and its improved profitability in the first nine months of 2021, following the pandemic-induced decline in 2020.

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It also pointed out that, although the outlook is positive at present, the industry is highly competitive, cyclical, and is susceptible to adverse changes in various economies, and is characterized by the presence of larger international players.

CHPC is a fully integrated global technology company focused on wireless communication. It is an independent, complete solutions provider for subcontract manufacturing of semiconductor devices and provides a broad range of assembly and testing services for various product applications and industries.

It is also the Parent Company of Cirtek Electronics Corporation (CEC), Cirtek Advanced Technologies and Solutions, Inc. (CATSI) and Quintel USA, Inc. (Quintel).

CHPC has been offering its products and services to several customers in the U.S., Asia and Europe.

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Philippine Rating Services Corporation (PhilRatings) Cirtek Holdings Philippines Corporation
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