By James A. Loyola Real estate giant Ayala Land, Inc. (ALI) is planning to issue P8 billion worth of fixed-rate bonds as the last tranche of its 3-year Debt Securities Program (DSP) of up to P50.0 billion. Ayala Land, Inc. | Manila Bulletin   According to Philippine Rating Services Corporation, the proceeds from the proposed bond issuance will mainly be used by ALI to partially finance the construction of various projects. These projects include Seda Hotels Bay Area in Parañaque, Ayala Malls Capitol Central in Bacolod, the Cebu Central Bloc mixed-use complex, the expansion of Seda Hotels BGC, leasing projects in Arca South and the Taguig Integrated Terminal Exchange, Bacolod Capitol Corporate Center in Capitol Central and the Vertis North Corporate Center Tower 3. PhilRatings said it has assigned the highest Issue Credit Rating of PRS Aaa, with a Stable Outlook, for ALI’s proposed fixed-rate bonds with a 5-year tenor. Obligations rated PRS Aaa are of the highest quality with minimal credit risk. The obligor’s capacity to meet its financial commitment on the obligation is extremely strong. On the other hand, a Stable Outlook is assigned when a rating is likely to be maintained or to remain unchanged in the next 12 months. PhilRatings said it gave ALI top ratings because of its well-diversified portfolio with a sizable and strategic landbank for future expansion, complemented by solid brand equity and a highly-experienced management team. It also noted the sustained healthy outlook for the economy and real estate industry; ALI’s continuously growing profitability, coupled with healthy cash flow generation and high cash reserves; and sound capitalization, with a manageable debt level and mix. With 10,285 hectares of developable area in its land bank as of end-December 2017, ALI has 25 estates across the Philippines and has presence in 55 identified growth centers in the country.