Philippine Rating Services Corporation (PhilRatings) has assigned its highest Corporate Credit Rating of PRS Aaa (corp.), with a Stable Outlook, to DoubleDragon Corporation (DoubleDragon).
In a statement, PhilRatings said “The rating is being obtained in relation to the next tranche of US dollar bonds that DoubleDragon plans to issue, amounting to up to $70 million.”
A Corporate or Issuer Credit Rating is an opinion on the overall creditworthiness of the company, evaluating its ability to meet all its financial obligations within a time horizon of one year.
A company rated PRS Aaa (corp.) has a very strong capacity to meet its financial commitments relative to that of other Philippine corporates. A Stable Outlook means that the rating is likely to be maintained or to remain unchanged in the next 12 months.
PhilRatings also upgraded the Issue Credit Rating for DoubleDragon’s P15 billion outstanding rated bonds to PRS Aaa with a Stable Outlook.
The assigned ratings and the corresponding Outlook took into account DoubleDragon’s clear and well-planned growth strategies, experienced management and its ability to form solid alliances with its partners, and improved profitability after the onset of the COVID-19 pandemic and strengthening of cash flows moving forward.
DoubleDragon currently owns and operates leasable properties through its four principal business segments: retail leasing, office leasing, hospitality, and industrial leasing.
As of end-2021, the Company’s completed portfolio nationwide stood at 1.21 million square meters (sqm). The Company has also accumulated an investment property portfolio with a total value of P112.39 billion.
DoubleDragon intends to leverage its growing market share, and maximize economies of scale and its local market knowledge, to consolidate and continue to expand its market over time.
While the company’s bottom line in the first half of 2022 (1H2022) dipped by 67.7 percent year-on-year to P1.20 billion, DoubleDragon’s profitability still improved in terms of its pre-tax income.
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The article was originally published in Manila Bulletin and written by James A. Loyola.
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