Philippine Rating Services Corporation has assigned its highest credit rating of PRS Aaa to Energy Development (EDC) Corporation’s proposed bond issue worth up to P10 billion.

While EDC has applied for registration with the Securities and Exchange Commission (SEC) for bonds of up to P10 billion, Philratings said the PRS Aaa credit rating for EDC’s proposed bond issue applies up to a principal amount of P12.0 billion.

The bonds will be issued with a term of 5 and a half years and 7 years. Obligations rated PRS Aaa are of the highest quality with minimal credit risk and the obligor’s capacity to meet its financial commitment on the obligation is deemed to be extremely strong.

Philratings has also assigned its highest corporate or issuer credit rating of PRS Aaa (corp.) to EDC. A corporate credit rating measures a company’s over-all creditworthiness and is renewed on a yearly basis.

A company rated PRS Aaa (corp.) has a very strong capacity to meet its financial commitments relative to that of other Philippine corporates.