BusinessWorld
January 13, 2021 | 12:04 am
CIRTEK Holdings Philippines Corp. has been assigned a PRS A mark by local debt watcher Philippine Rating Services Corp. (PhilRatings) in relation to its commercial papers of up to P2 billion.
In a statement on Tuesday, PhilRatings said it gave Cirtek an issuer credit rating of PRS A (corp.) for the company’s three-year shelf registration for commercial papers. The rating includes a stable outlook for the company, which means it is seen to remain unchanged for the next 12 months.
Companies with PRS A (corp.) rating mean they have above average ability to meet their respective financial commitments relative to other local corporates. However, the rating also means the company is somewhat more susceptible to adverse changes in economic conditions. Cirtek plans to raise up to P2 billion through the issuance of commercial papers to refinance debt and fund working capital requirements.