Aboitiz Equity Ventures Inc., the investment vehicle of one of the Philippines' oldest business dynasties, retained its top-tier credit rating as robust cash flow from its energy and banking units offsets an uptick in borrowing for acquisitions.

Philippine Rating Services Corp. kept its PRS Aaa rating with a stable outlook for AEV’s ₱34.3 billion in outstanding bonds, according to a statement from the local assessor.

The rating, the highest on PhilRatings’ scale, indicates an extremely strong capacity to meet financial commitments and suggests the grade is unlikely to change over the next 12 months.

The credit assessor cited the conglomerate’s diversified portfolio and the professionalization of its leadership as primary drivers for the affirmation. While the Aboitiz family, now in its fourth and fifth generations of leadership, maintains tight control over the board, the group has increasingly relied on seasoned non-family executives to manage its expansion into infrastructure and consumer sectors.

AEV’s financial profile remains anchored by its power segment, which has provided a buffer against macroeconomic volatility. Operating cash flow reached ₱55.1 billion in 2024, a slight 4.7 percent decline from the previous year.

For the first nine months of 2025, net cash from operations stood at ₱42.9 billion, down 9.5 percent from the same period a year earlier. Despite the dip, the company’s liquidity was bolstered by ₱24.2 billion in net cash from financing activities.

The company has significantly ramped up capital deployment, with net cash used in investing activities jumping to ₱41.2 billion in 2024 and hitting ₱58.1 billion in the first three quarters of 2025. Much of this spending was directed toward Aboitiz Power Corp.’s strategic acquisition of Chromite Gas Holdings Inc. through Therma NatGas Power Inc., signaling the group’s pivot toward natural gas as a transition fuel.

Even with the increased spending, AEV’s balance sheet remains resilient. Cash and cash equivalents rose 11.1 percent to ₱90.8 billion as of the end of September 2025, up from ₱81.8 billion at the end of 2024.

Leverage has crept upward to fund its growth pipeline, with the debt-to-equity ratio rising to 1.2 times in September from 1.0 times at year-end. PhilRatings characterized the current leverage as manageable, noting that the company’s internal cash generation remains sufficient to service its obligations.

Management expects to maintain this debt profile as it continues to integrate its recent acquisitions and scale its food and infrastructure businesses. The group, which traces its origins to the late 19th century, remains a bellwether for the Philippine economy due to its broad exposure to essential industries.