The Securities and Exchange Commission approved the request of Alsons Consolidated Resources Inc. to sell P1 billion worth of commercial paper representing the second tranche of the P2.5-billion program registered with the commission in 2018.
Alsons said the proceeds would provide the firm, the publicly-listed company of the Alcantara Group, with interim funding for ongoing projects.
Alsons’ second tranche of the CP issuance received “PRS A plus (corp.) with a stable outlook” issuer credit rating from the Philippine Rating Services Corporation which means the company has an above average capacity to meet financial commitments relative to other Philippine corporates.
Among the 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 Alsons’ “ability to establish joint ventures with strong partners for particular projects.”