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Manila Bulletin devider Business devider NLEX Corp. bonds retains top rating

NLEX Corp. bonds retains top rating

Published Feb 7, 2022 02:54 pm

NLEX Corporation, a member of the Metro Pacific Group, has retained its the highest Issue Credit Rating of PRS Aaa, with a Stable Outlook, from Philippine Rating Services Corporation (PhilRatings) for its outstanding Fixed-rate Bonds worth P8.6 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.

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A Stable Outlook is assigned when a rating is likely to be maintained or to remain unchanged in the next 12 months.

PhilRatings said the rating and Outlook were assigned given the firm’s strong cash flows and buffer in terms of operating margins to comfortably service debt obligations.

Also in NLEX Corporation’s favor is its manageable capital structure supported by retained earnings which beef up the company’s equity position and well-managed toll franchise.

PhilRatings also noted the resilient demand for its toll services, albeit temporarily muted due to the mandated community quarantines in Luzon, and political pressures which may continue to cause delays in the remaining regular and contractual adjustments of toll rates.

NLEX Corp. is a subsidiary of Metro Pacific Tollways Corporation (MPTC), the largest toll road network operator in the country. NLEX Corp. is the concessionaire of the North Luzon Expressway (NLEX), Subic–Clark–Tarlac Expressway (SCTEX), and the upcoming NLEX Connector Road.

NLEX Corp. opened the C3-R10 or Mel Lopez Blvd. section of the NLEX Harbor Link Project on June 15, 2020, allowing direct access between the NLEX and Manila Port.

Furthermore, the company completed the SFEX Capacity Expansion Project within 2021 and is set to complete the first 5 kilometers (km) of the 8-km NLEX Connector within the second quarter of 2022.

Growth in vehicular traffic is seen to be supported by the opening of major projects in the pipeline. With the government’s goal to revive the economy, growth in infrastructure and the execution of the Build, Build, Build Program were given priority.

Included in this program is the NLEX Connector which was fast-tracked, following inspection of the project in January 2021 by the Department of Public Works and Highways (DPWH).

In addition, NLEX Corp. is set to start the first 2 km of its NLEX C5 Link project in 2022. The NLEX C5 Link aims to reduce travel time between Mindanao Avenue and Commonwealth Avenue to just 10 minutes from about 45 minutes.

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Philippine Rating Services Corporation (PhilRatings) NLEX CORP
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