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Manila Bulletin devider Business devider The Stock Market devider JCR maintains Ayala's A- rating on strength of its diversified portfolio

JCR maintains Ayala's A- rating on strength of its diversified portfolio

Published Jun 11, 2026 10:32 am

Zobel-led Ayala Corp. maintained its A- foreign currency long-term issuer rating with a stable outlook from Japan Credit Rating Agency Ltd. (JCR), reflecting the strength of the conglomerate’s diversified portfolio, resilient earnings base, and prudent financial management.

In its latest rating action, JCR cited Ayala’s established position as one of the Philippines’ largest and most diversified business groups, with strategic investments across banking, real estate, telecommunications, renewable energy (RE), healthcare, mobility, logistics, financial technology (fintech), industrial technologies, education, and other sectors.

JCR noted that Ayala’s creditworthiness is supported by the strong business foundation and contributions from its core businesses in banking, real estate, telecommunications, and RE.

The rating agency also highlighted the stability of Ayala’s cash flow generation capabilities, the strength of its growth potential, and its favorable financial position.

Although the performance of its real estate unit, Ayala Land Inc. (ALI), has eased amid the current market slowdown, JCR said the company aims to secure stable earnings through its shopping mall and office leasing businesses.

“The performance of other major segments remains strong, and JCR expects this will underpin the company’s earnings for the time being,” the rating agency said.

Ayala’s debt-to-equity ratio stood at 0.9 at the end of 2025, which JCR said is reasonable considering the nature of its business. This was achieved through increased equity from profit accumulation and capital expansion even as its interest-bearing debt rose.

“Although investments to expand power generation capacity are planned in the future, JCR believes the likelihood of a deterioration in the company’s financial position is low, given its strong cash flow generation capabilities,” it added.

In a statement on Thursday, June 11, Ayala Chief Finance Officer (CFO) and Chief Risk Officer Juan Carlos L. Syquia said, “JCR’s continued confidence in Ayala, reflected in its A- rating, underscores the strength of our portfolio and validates our sharpened focus on disciplined capital allocation, prudent risk management, and balance sheet resilience.”

Ayala acknowledged the continued support of Mizuho Bank Ltd. as adviser in the JCR rating process.

“The reaffirmed A- rating supports Ayala’s diversified financing opportunities to tap samurai-hedged loans at attractive terms amid current market uncertainties,” said Ayala Executive Director and Treasurer Estelito C. Biacora. Samurai-hedged loans allow borrowers to access Japanese-yen financing while mitigating currency risk through hedging.

Ayala said it remains focused on maintaining financial flexibility, a strong liquidity position, and disciplined balance sheet management while pursuing growth opportunities across its portfolio.

Related Tags

Ayala Corporation Japan Credit Rating Agency (JCR) Juan Carlos L. Syquia Estelito C. Biacora
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