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Manila Bulletin devider Business devider ALI to issue bonds worth up to P12 B

ALI to issue bonds worth up to P12 B

Published Mar 15, 2022 02:58 pm

Real estate giant Ayala Land Inc. is planning to raise up to P12 billion from the issuance of bonds to fund its capital expenditures this year as well as for the refinancing of obligations.

Philippine Rating Services Corporation (PhilRatings) said it has assigned its highest Issue Credit Rating of PRS Aaa, with a Stable Outlook, to ALI’s ALI’s proposed bond issuance of P8.0 billion, with an oversubscription option of up to P4.0 billion.

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“The proceeds of the proposed bond offering will be used for refinancing and to fund general corporate requirements, including capital expenditures,” said PhilRatings.

The ratings agency also maintained its Issue Credit Rating of PRS Aaa, with a Stable Outlook, for ALI’s P94.9 billion outstanding bonds.

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 assigned rating is likely to be maintained in the next 12 months.

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PhilRatings identified the key considerations in the assignment of the ratings and the corresponding Outlook which include ALI’s diversified portfolio, complemented by strong brand equity and itsseasoned management team and synergies with the solid Ayala Group.

It also considered ALI’s improved profitability, following the pandemic-induced decline in 2020, albeit still significantly lagging behind pre-pandemic levels, and ample capital structure and liquidity buffers.

ALI is increasing its capital expenditures by 40 percent this year to P90 billion from P64 billion in 2021 as it prepares to launch P100 billion worth of new projects in 2022 from P75 billion last year.

Following a 43.0 percent dip in 2020 due to the negative impact of the COVID-19 pandemic on its businesses, ALI’s total revenues grew by 10.3 percent, from P96.3 billion in 2020 to P106.1 billion in 2021.

This was on account of the Company’s improved operations amidst the COVID-19 pandemic. Growth was further supported by the relaxed quarantine restrictions in the fourth quarter of the year.

Net income climbed from P11.0 billion in 2020 to P15.7 billion in 2021.

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Philippine Rating Services Corporation (PhilRatings) Ayala Land Inc.
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