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Manila Bulletin devider Business devider The Stock Market devider San Miguel Power unit secures top rating for ₱30-billion bond

San Miguel Power unit secures top rating for ₱30-billion bond

Published Feb 10, 2026 04:57 pm
San Miguel Global Power Holdings Corp. (SMGP) has secured the highest possible credit rating for its planned ₱30 billion bond issuance, as the energy giant leverages recovery in earnings and massive expansion pipeline to bolster its financial standing.
Philippine Rating Services Corp. (PhilRatings) assigned a PRS Aaa rating with a stable outlook to the proposed offering, which consists of a ₱20 billion base amount and an oversubscription option of up to ₱10 billion.
Furthermore, PhilRatings has maintained the Issue Credit Rating of PRS Aaa, with a Stable Outlook, to SMGP’s total outstanding bonds amounting to ₱60.49 billion.
PRS Aaa is the highest credit rating on PhilRatings’ long-term issue credit rating scale. 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.
On the other hand, a Stable Outlook indicates that the rating is likely to be maintained in the next 12 months.
In arriving at the rating and Outlook, PhilRatings stated that it identified key strengths, including SMGP’s leading market position, a solid platform for expansion; strong parent company support; sustained recovery in the company’s earnings despite a decline in revenues; and a conservative capital structure.
Last month, SMGP raised $300 million in senior perpetual capital securities, which were listed at the Singapore bourse.
Proceeds were primarily used to redeem its previous perpetual capital securities issued in 2020 as well as for funding pre-development costs of some solar and hydropower projects and capital expenditures for planned battery energy storage system projects.
As of July 30, 2025, SMGP is one of the country’s largest power companies, with a combined installed capacity of 5,710.08 megawatts (MW). Its diversified portfolio includes natural gas, coal and renewable energy sources such as hydroelectric power and battery energy storage systems (BESS).
Based on the Energy Regulatory Commission (ERC) Resolution on Grid Market Share Limitation, SMGP’s installed capacity accounts for approximately 20.11 percent of the National Grid, 24.93 percent of the Luzon Grid, 5.25 percent of the Visayas Grid, and 8.86 percent of the Mindanao Grid, as of July 25, 2025.
To support future growth, SMGP has committed to a portfolio of expansion projects across conventional and renewable energy.
These include the Masinloc Power Plant expansion through Units 4 and 5 with an aggregate capacity of 700 MW, the 1,320 MW Batangas Combined Cycle Natural Gas Power Plant (BCCPP), and the 1,000 megawatt-hour (MWh) of BESS projects.
The Company is also undertaking the development of the 600 MW Mariveles Power Plant and the 2,450 megawatt-peak (MWp) first phase of its solar power projects.
The BCCPP and Masinloc Units 4 and 5 are contracted with Manila Electric Company (Meralco), while the BESS projects are intended to serve Ancillary Service contracts with the National Grid Corporation of the Philippines (NGCP).

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