FLI bonds get PRS Aaa rating

MANILA, Philippines — Filinvest Land Inc. (FLI), the listed property developer of the Gotianun Group, received the highest issue credit ratings and stable outlook from local debt watcher Philippine Rating Services Corp. (PhilRatings).

FLI plans to issue up to P12 billion in bonds or a base amount of P10 billion plus a P2 billion oversubscription option, proceeds of which would be used for capital expenditures and debt refinancing.

PhilRatings assigned an issue credit rating of PRS Aaa, the same rating assigned to FLI’s outstanding bonds totaling P35.4 billion. Each of the ratings was also assigned an outlook of stable.

Tristan Las Marias, FLI president and CEO, said the ratings reflect the company’s healthy fundamentals and underscores the constant focus on growth and financial sustainability.

“We are grateful for PhilRatings’ trust and confidence in Filinvest Land and aim to continue building the Filipino dream through our various property developments,” Las Marias said.

According to PhilRatings, obligations rated PRS Aaa, which is the highest rating assigned by PhilRatings, are of the highest quality with minimal credit risk.

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This means the obligor’s capacity to meet its financial commitment to the obligation is extremely strong.

An outlook is an indication as to the possible direction of any rating change within a one-year period and serves as a further refinement to the assigned credit rating for the guidance of investors, regulators, and the general public while a stable outlook means the rating will likely be unchanged in the next 12 months.

“The assigned credit ratings take into account the following key considerations: (1) FLI’s established brand name and track record, with geographically diverse real estate products and substantial land bank for future expansion; (2) Its sound growth strategies; (3) Its improved revenues and operating cash flow, supported by more than satisfactory liquidity and interest coverage,” Philratings also said.

For this year, FLI will launch condominium and housing developments in Antipolo City, Taytay, Angono, Calamba City, Tanauan City, Trece Martires City, Bacoor City, Dumaguete City, and the Island Garden City of Samal.

FLI has been steadily expanding with developments in its numerous township projects in East Town in Cainta, Rizal; Timberland Heights in San Mateo, Rizal; Ciudad de Calamba in Calamba City, Laguna, The Wood Estates in Trece Martires City, Cavite, and Palm Estates in Bacolod City, Negros Occidental.

Also a mall developer, FLI is expanding its mall footprint with its Marina Town in Dumaguete City, which will open by the end of this year, and new malls in Filinvest Mimosa+ Leisure City and Activa Cubao, which will open by end-2024.

These will expand FLI’s retail portfolio by about 55,000 square meters in gross leasable area (GLA), bringing FLI’s nationwide retail GLA to 300,000 square meters.

FLI also operates Filinvest Innovation Parks in New Clark City, Tarlac, and Calamba City, Laguna.

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The article was originally published in Philstar Global and written by Iris Gonzales.

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