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Manila Bulletin devider devider Alsons to issue P1.5-B commercial papers

Alsons to issue P1.5-B commercial papers

Published May 20, 2018 12:00 am
By James A. Loyola Alsons Consolidated Resources, Inc. (ACR) is planning to raise P1.5 billion from a planned issuance of commercial papers (CPs) as part of its approved shelf registration of up to P2.5 billion in CPs. Philippine Rating Services Corporation (PhilRatings) said the proceeds will be mainly used to refinance Alsons’ short-term obligations maturing in the second quarter of 2018 and to initially fund the development of Siguil Hydro Power Corporation. The proposed P1.5 billion in CPs has been assigned an Issuer Credit Rating of PRS A plus (corp.), with a Stable Outlook, by PhilRatings. A company rated PRS A (corp.) has an above average capacity to meet its financial commitments relative to that of other Philippine corporates. However, the firm is somewhat more susceptible to adverse changes in circumstances and economic conditions than higher-rated corporates. PhilRatings said the rating reflects the positive growth prospects for Mindanao which will bring about an increasing demand for power, the company’s ability to establish joint ventures with strong partners for particular projects, and the firm’s expansion plans which will further enhance over all operations.
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