MANILA, July 24 (PNA) — Philippine Rating Services Corp. (PhilRatings) has maintained a PRS Aaa credit rating on listed information and entertainment multimedia conglomerate ABS-CBN Corp.’s Php6-billion bond issuance, assuring that the obligations are of the highest quality with minimal credit risk.
The bonds are due on February 10, 2021 and carry an interest rate of 5.3350 percent.
PhilRatings maintained the rating considering the conglomerate’s sustained profitability and continued production of hit programs and development and retention of a popular talent pool, enabling it to dominate nationwide ratings.
In the first quarter of 2015, ABS-CBN Corp. posted higher revenues and profit, backed by a steady increase in advertising revenues, contribution of SkyCable, sales of ABS-CBN TV plus and ABS-CBN Mobile, along with a drop in finance costs and other expenses. (PNA)