CREIT keeps PRS Aa+ rating from PhilRatings with stable outlook

SAAVEDRA-LED Citicore Energy REIT Corp. (CREIT) has retained its PRS Aa+ issuer credit rating from the Philippine Rating Services Corp. (PhilRatings) for the sixth consecutive year.

In a statement on Tuesday, CREIT said it maintained the rating with a stable outlook.

The company also retained the same rating for its P4.5-billion ASEAN green bonds.

“Maintaining the PRS Aa+ rating both for CREIT as an issuer and for our maiden ASEAN green bond signals continued confidence in our business model, our stability, and our long-term value creation as the Philippines’ foremost renewable energy REIT,” said CREIT President and Chief Executive Officer Oliver Tan.

PhilRatings said the issuer credit rating reflects the “overall creditworthiness of a company, evaluating its ability to meet all its financial obligations within a time horizon of one year,” while the stable outlook indicates that the rating is expected to remain unchanged over the next 12 months.

It added that issue credit ratings of PRS Aa are of high quality and subject to very low credit risk, with the obligor’s capacity to meet financial commitments considered very strong.

CREIT issued its ASEAN green bonds in February 2023, with the offer oversubscribed. Proceeds were used to acquire renewable energy properties.

These acquisitions expanded the company’s green land portfolio to 7.1 million square meters.

“Our platform is built not only on securing resilient investments but is anchored on trust and confidence of our investors. As we continue to grow and expand our green asset portfolio, we remain fully committed to empower your sustainable investments and ensuring that the expectations and obligations to our shareholders are met,” Mr. Tan said.

CREIT is the Philippines’ first real estate investment trust focused on renewable energy, specializing in income-generating renewable energy properties across the country.

At the local bourse on Tuesday, shares in CREIT declined by 0.91% to close at P3.25 apiece. — Sheldeen Joy Talavera