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Manila Bulletin devider Business devider Megawide's bonds get double-A rating

Megawide's bonds get double-A rating

Published Jun 1, 2022 02:00 pm

Megawide Construction Corporation’s proposed bond issue of up to P4 billion has been assigned an issue credit rating of PRS Aa with a Stable Outlook by Philippine Rating Services Corporation (PhilRatings).

In a statement, PhilRatings said Megawide plans to issue bonds worth P3.0 billion, with an oversubscription option of up to P1.0 billion.

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Obligations rated PRS Aa are of high quality and are subject to very low credit risk as the obligor’s capacity to meet its financial commitment on the obligation is very strong. A Stable Outlook means the rating is likely to be maintained in the next 12 months.

PhilRatings said the assigned issue rating takes into consideration Megawide’s solid experience in the construction industry, along with vertically integrated operations, that is seen to complement the government’s infrastructure projects through the Public Private Partnership (PPP) and Build, Build, Build (BBB) programs.

It also factored in the firm’s notable expansion projects in recent years, with the aim of diversifying into less cyclical sources of revenues, albeit with challenged profitability due to the effects of the COVID-19 pandemic.

Also considered is Megawide’s relatively high debt level on a consolidated basis due to the capital-intensive nature of the project companies’ operations, although leverage remains manageable on the Parent level.

The assigned rating also took into account the recovering economy amid declining COVID-19 cases and increasing vaccination rate.

Related Tags

Philippine Rating Services Corporation (PhilRatings) Megawide Construction Corporation
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