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Manila Bulletin devider Business devider The Stock Market devider PhilRatings upgrades STI ESG's bond rating to PRS Aa

PhilRatings upgrades STI ESG's bond rating to PRS Aa

Published Nov 20, 2025 05:11 pm

Philippine Rating Services Corp. (PhilRatings) has upgraded the issue credit rating of STI Education Services Group Inc.’s (STI ESG) outstanding bonds amounting to ₱820 million to PRS Aa, with a stable outlook, from the previous rating of PRS A plus, with a positive outlook.

Obligations rated PRS Aa are of high quality and are subject to very low credit risk. 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 assignment of the rating and the corresponding outlook took into consideration STI ESG’s improved profitability, supported by an increasing number of enrollees.

It also factored in the firm’s satisfactory capitalization, with additional room for debt, and its effective cost management strategies across its network of schools.

STI ESG currently provides junior high school (JHS), senior high school (SHS), and tertiary education. Furthermore, it offers post-secondary and lower tertiary non-degree programs, as well as post-graduate courses.

STI ESG’s revenues consistently increased from ₱2.1 billion in 2022 to ₱4.4 billion in 2025, or a compound annual growth rate (CAGR) of 28.8 percent, due to growth in number of enrollees, propelling tuition and other school fees.

PhilRatings notes that STI ESG’s enrollees started to recover in school year (SY) 2021-2022, eventually reaching 121,374 students in SY 2024-2025. As of June 30, 2025, this was the highest number of enrollees recorded by STI ESG since SY 2015-2016.

The company’s net income significantly grew from ₱253.3 million in 2022 to ₱1.8 billion in 2025, representing a CAGR of 92.7 percent. Margins likewise consistently increased.

PhilRatings notes that STI ESG’s performance in the past three fiscal years (FYs) was a notable improvement. STI ESG observes a FY ending every June 30.

From 2011 to 2021, the company’s profitability had been volatile, incurring net losses in 2020 and 2021 due to Covid-19 pandemic. Meanwhile, the registered bottom line in 2025 was STI ESG’s highest since 2011.

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Philippine Rating Services Corporation STI Education Services Group Inc.
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