Business World | November 7, 2018 | 12:06 am
LOCAL debt watcher Credit Rating and Investors Services Philippines, Inc. (CRISP) retained its AA+ rating for Sta. Lucia Land, Inc. (SLI), indicating the company’s “very strong” capacity to repay its debts. In a statement, CRISP said it has affirmed its AA+ rating with a stable outlook for SLI, citing its strong market presence in the affordable and emerging middle class market, stable revenue growth, and timely land banking initiatives.
“SLI is a widely recognized brand in the affordable and emerging middle class market segments which represents a sizable market in the country today,” according to CRISP.
The debt watcher also noted SLI’s land banking efforts. To date, the company has acquired 97 properties totaling 418 hectares across the country. SLI has also signed 39 joint venture agreements for around 463 hectares in Pasig City, Pangasinan, Cavite, Laguna, Batangas, Rizal, Palawan, Iloilo, Cebu, Negros Occidental and Davao.
The listed property developer booked an attributable profit of P507.97 million in the first half of 2018, six percent higher year-on-year, on the back of a 13% uptick in gross revenues to P2.03 billion.
SLI currently has P2 billion worth of Series B bonds due 2021. — Arra B. Francia