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Manila Bulletin devider Business devider The Stock Market devider Petron's P38-B bonds retain triple-A credit rating

Petron's P38-B bonds retain triple-A credit rating

Published Apr 10, 2024 06:40 am

Petron Corporation, the Philippines’ largest oil company, has retained the highest Issue Credit Rating of PRS Aaa with a Stable Outlook from Philippine Rating Services Corporation (PhilRatings) for its outstanding bonds worth P38.0 billion. 

Obligations rated PRS Aaa are of the highest quality with minimal credit risk and the obligor’s capacity to meet its financial commitment on the obligation is extremely strong. A Stable Outlook means the rating is likely to be maintained in the next 12 months.

PhilRatings.pngPhilRatings said that, in the assignment of the rating, it considered Petron’s sustained retail presence and market leadership, both in the Philippines and Malaysia, and its improving sales due to economic recovery and a significant upturn in the industrial and aviation sectors.

Also factored into the rating is Petron’s experienced management and synergies with companies belonging to the San Miguel Group and the increasing economic uncertainty due to the adverse impact of inflation and higher interest rates.

Petron Corp..png

Based on the data from the Department of Energy (DOE), Petron continued to lead the local oil industry in the first half of 2023, accounting for a market market share of 23.19 percent. 

In the Liquefied Petroleum Gas (LPG) industry, Petron regained its position as the market leader, with a 23.66 percent share of total LPG demand. 

In Malaysia, Petron is currently the third top market player. This is attributed to the sustained runs of the Port Dickson refinery, complemented by the additional services provided to customers in the retail service stations for a one-stop service experience, such as the availability of food and beverages via Treats convenience stores. 

Petron recently disclosed that 126.9 million barrels were sold in 2023, higher by 12.5 percent than the 112.8 million barrels sold in 2022. The growth was attributable to the significant growth in the Company’s Jet Fuel and LPG sales, coupled with higher production at its Bataan and Port Dickson refineries. 

PhilRatings said that, moving forward, Petron will continue to focus on volume growth, efficient operations, and the optimal use of assets amid a challenging business environment. 
 

Related Tags

Philippine Rating Services Corporation Petron Corporation San Miguel Corporation
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