The Philippines: San Miguel Brewery’s bonds rated high by local credit rating agency

A Philippine credit rating agency has maintained its highest rating for bonds issued by the beer arm of diversified conglomerate San Miguel Corp, Business World communicated on August, 26.

The P38.8-billion worth of notes issued by San Miguel Brewery, Inc. are still rated “PRS Aaa,” PhilRatings said in a statement.

“Obligations rated PRS Aaa are of the highest quality with minimal credit risk," Philratings said.

"The obligor’s capacity to meet its financial commitment on the obligation is extremely strong,” the credit rater added.

Series A of the bonds worth P13.59 billion will mature in 2012, Series B bonds valued at P22.4 billion are due in 2014, and Series C bonds totaling P2.81 billion are payable in 2019.

Philratings took into consideration the improving Philippine economic outlook and increasing private consumption, high cash from operations that can adequately support debt servicing, sustained financial flexibility, strong market position, and the company’s "experienced management and production team."

27 August, 2010