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Manila Bulletin devider Business devider The Stock Market devider San Miguel's ₱139-billion bonds retain top credit score

San Miguel's ₱139-billion bonds retain top credit score

Published Jul 27, 2026 12:00 am  |  Updated Jul 26, 2026 06:12 am

Diversified conglomerate San Miguel Corp. (SMC) has retained the highest PRS Aaa issue credit rating, with a stable outlook, from Philippine Rating Services Corp. (PhilRatings) for its outstanding bonds totaling ₱139.2 billion.

Obligations rated PRS Aaa are of the highest quality with minimal credit risk, and the obligor’s capacity to meet its financial commitments on the obligations is extremely strong. A stable outlook indicates that the rating is likely to remain unchanged over the next 12 months.

PhilRatings said the assigned rating and outlook reflect SMC’s diversified portfolio of market-leading businesses, solid leadership supported by a well-defined succession program, sustained profitability despite higher charges and nonrecurring transactions affecting the bottom line, and ample liquidity backed by stable cash flow generation.

In 2025, the SMC Group’s ₱1.5 trillion in revenues represented approximately 5.3 percent of the country’s gross domestic product (GDP).

PhilRatings said SMC’s management is composed of highly skilled and experienced professionals with a track record of successfully steering the conglomerate through various economic and industry cycles.

It noted that the election of John Paul L. Ang, the eldest son of Chairman and Chief Executive Officer (CEO) Ramon S. Ang, as president and chief operating officer (COO) of SMC, following his steady rise to senior leadership positions within the group over the years, reflects the company’s business continuity strategy supported by a clear succession plan.

SMC’s profitability remained resilient, backed by the group’s widely diversified business operations. Consolidated net income rebounded by 158.2 percent in 2025 to ₱94.7 billion, supported by core income growth and a one-time gain related to the deconsolidation of subsidiaries under its energy business.

In the first three months of 2026, consolidated sales rose 18.7 percent to ₱428.3 billion. However, the bottom line declined due to the absence of the one-time gain recognized in the previous year, as well as the foreign exchange (forex) loss recognized during the period.

Net income amounted to ₱22.5 billion, down 48.2 percent from last year. Margins, however, remained within historical levels.

PhilRatings said SMC’s continued core business expansion and enhancement projects are expected to support top-line growth moving forward. Cash flows are likewise expected to remain healthy, backed by sustained profitability.

“Given the foregoing, SMC is seen to be in a good position to service its debt obligations,” the ratings agency said.

Related Tags

San Miguel Corporation Ramon S. Ang John Paul L. Ang
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