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Manila Bulletin devider Business devider The Stock Market devider PhilRatings gives D&L highest 'Aaa' rating with stable outlook

PhilRatings gives D&L highest 'Aaa' rating with stable outlook

Published Jul 17, 2025 09:01 am
D&L Industries Inc., the country’s top specialty food ingredients and oleochemicals producer, has maintained the top Issue Credit Rating of PRS Aaa with a Stable Outlook for its ₱2 billion outstanding Fixed Rate Bonds assigned by Philippine Rating Services Corporation (PhilRatings).
Obligations rated PRS Aaa are of the highest quality with minimal credit risk, and the company’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 stated that the rating and outlook were assigned due to D&L’s strong market position in the industries in which it is engaged, as well as its product diversification and the breadth of markets served.
Also taken into consideration is the company’s innovation-driven specialty products that protect the D&L from keen competition and ensure continued demand from customers; its strong revenue generation, albeit with lower margins; and manageable debt levels despite the increasing trend.
As a manufacturer that has focused on product customization and specialization since 1971, D&L has established its market presence in four principal business segments: Food Ingredients, Oleochemicals and Other Specialty Chemicals, Specialty Plastics, and Consumer Products Original Design Manufacturer (ODM).
The Company’s revenue sources are likewise geographically diverse, with a substantial portion of revenues coming from its export business, which accounted for 34 percent of total sales in the first three months of 2025. Moving forward, D&L aims to increase its export sales contribution to 50 percent.
The unique characteristics of D&L’s products entail strong research and development (R&D) capabilities. Most of these products are customized according to the specific needs of customers, and this ensures continued demand for the services of the Company and has helped in building long-standing client relationships that span many years.
“Additionally, significant capital expenditures (capex) are needed from new market entrants to compete in the same industry and to build facilities that are able to produce such specialized products.
“The aforementioned gives D&L a level of protection against new and emerging market players,” said PhilRatings.

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D&L Industries Inc. Philippine Rating Services Corporation
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