Alsons’ P1-B debt papers rated above average

BUSINESS
May 2, 2020

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THE Alcantaras’ Alsons Consolidated Resources, Inc. (ACR) on Thursday said it had been given an above-average credit rating for the latest tranche of the P2.5-billion commercial papers it registered with the Securities and Exchange Commission in 2018.
    In a stock exchange disclosure, the listed firm said it had received a PRS (Philippine Rating Services Corp.) A plus rating and a stable outlook for the second tranche of its commercial papers amounting to P1 billion.
    The credit rating meant that the company has an above-average capacity to meet its financial commitments.
    Among factors cited by PhilRatings as basis for the rating were “the positive growth prospects for Mindanao which will bring about an increasing demand for power” and the company’s “ability to establish joint ventures with strong partners for particular projects.”
    The stable outlook, on the other hand, meant that the rating is likely to be maintained or to remain unchanged in the next 12 months.
    Meanwhile, ACR sees no major delay in the projected start of the commercial operations of its two on-going power plant projects in Mindanao.
    One of these is the 14.5-megawatts (MW) hydroelectric power plant at the Siguil River basin in Maasim, Sarangani province, which is expected to begin commercial operations in 2022.

The other one is the 105-MW San Ramon Power, Inc. baseload coal-fired power plant in Zamboanga City, which is slated to commence operations in 2023.

“Even with the current quarantine, we do not foresee a major delay in the targeted commencement of operations for our Siguil and SRPI projects,” ACR Executive Vice President and Chief Executive Officer Tirso G. Santillan, Jr. said in a statement.
 

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