Ayala Land bonds get highest rating

By Elaine Ruzul S. Ramos

Philippine Rating Services Corp. gave the P4-billion bond issue of Ayala Land Inc. the highest rating possible of PRS Aaa. The rating is “given to debt obligations with the smallest degree of investment risk.”

The ratings agency noted that Ayala Land had a “remarkable track record of consistent profitability” despite the peaks and valleys of the real estate industry cycle.

Despite the “prevailing issues and looming uncertainties,” PhilRatings affirmed the company’s plans for sustained growth through its residential developments, shopping centers and corporate business line.

Ayala Land earmarked P24.3 billion in capital expenditures this year, 42 percent of which are for residential developments, 30 percent for corporate business lines, 14 percent for shopping centers and the rest for other business lines.

Jaime Ysmael, Ayala Land’s senior vice president and chief finance officer, said one of the company’s most significant projects continues to be the development of the first phase of Nuvali, a large-scale, fully integrated regional development in Canlubang.

SOURCE:

http://www.manilastandardtoday.com/?page=business2_july16_2008