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Manila Bulletin devider Business devider The Stock Market devider Alsons gets double-A issuer credit rating

Alsons gets double-A issuer credit rating

Published Apr 17, 2024 08:35 am

The Alcantara family’s holding company Alsons Consolidated Resources, Inc. (ACR) has received a high Issuer Credit Rating rating of PRS Aa minus (corp.), with a Stable Outlook, for its P3.0 billion Commercial Paper (CPs) Program. 

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In a statement, Philippine Rating Services Corporation (PhilRatings) said the total shelf amount P3 billion while P2.01 billion is outstanding as of April 17, 2024. 

A company rated PRS Aa (corp.) differs from the highest rated corporates only to a small degree, and has a STRONG capacity to meet its financial commitments relative to that of other Philippine corporates. PhilRatings also included a minus (-) sign to further qualify the rating.

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

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Alsons' coal-fired power plant in Sarangani

PhilRatings said the rating reflects the start of full operations of the Mindanao-Visayas Interconnection Project (MVIP) and the commencement of the Wholesale Electricity Spot Market (WESM) and Retail Competition and Open Access (RCOA) in Mindanao.

Also considered is the Company’s ability to establish joint ventures with strong partners for particular projects and its planned expansion projects which will further diversify its generation mix.

PhilRatings also factored in ACR’s continued recovery marked by its notable revenue growth and improved profitability and its satisfactory liquidity, supported by positive operating cash flows.

ACR is a publicly-listed investment holding company of the Mindanao-based Alcantara Group, through its ultimate parent, Alsons Corporation. It has core interests in energy and power generation and property development. 

At present, the Company has four existing power plants in Mindanao, with a total power capacity of about 468 megawatts (MW). Of the total, 258 MW (55.1 percent) is attributable to the Company’s diesel power plants while the balance of 210 MW (44.9 percent) come from its coal power plants. 

The Mindanao-Visayas Interconnection Project (MVIP), which aims for the physical integration of Mindanao with the broader Luzon-Visayas Grids, started full operations in January 2024. 


As such, ACR can now sell its excess capacity to Visayas and Luzon, which may also help address the oversupply situation in the Mindanao region. The Wholesale Electricity Spot Market (WESM), the centralized platform for buyers and sellers to trade power as a commodity, commenced operations in Mindanao in January 2023. 
 

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Philippine Rating Services Corporation Alsons Consolidated Resources Inc
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