CREIT maintains PRS Aa+ rating, boosting green energy investments

Citicore Energy REIT Corporation (CREIT), the country’s first renewable energy real estate investment trust, has maintained its strong credit ratings from the Philippine Rating Services Corporation (PhilRatings).

“Sustaining the PRS Aa+ credit rating from PhilRatings, for both the company as an issuer and the company’s maiden ASEAN Green Bond, is a testament to the company’s strong financial position and profitability as the foremost Energy REIT in the Philippines, delivering superior yields from its green asset portfolio,” said CREIT President and CEO Oliver Tan.

The issuer credit rating of PRS Aa plus (corp.) with a Stable Outlook affirms CREIT’s overall financial health and capacity to meet obligations. Its ASEAN Green Bonds also retained a PRS Aa plus rating with a Stable Outlook, signifying very low credit risk.

PhilRatings’ evaluation strengthens investor confidence in CREIT and highlights its pivotal role in advancing renewable energy initiatives. This supports the energy sector’s drive for sustainability as the Philippines pursues cleaner, more resilient energy solutions.

Additionally, the positive rating reflects CREIT’s strategic role in addressing the country’s increasing renewable energy needs, said PhilRatings. The company has leveraged its position as a landlord to solar energy operators and developers, ensuring consistent returns and dividends for stakeholders since its stock market listing in February 2022.

PhilRatings highlighted key factors for the ratings, including CREIT’s fully occupied portfolio of green assets, strong profitability, reputable shareholders, and sound financial position.

The firm’s oversubscribed Php 4.5 billion ASEAN Green Bonds, issued in February 2023, have supported its expansion to a portfolio of over 7.1 million square meters.

Moreover, CREIT’s ongoing partnership with Citicore Renewable Energy Corporation positions it to contribute further to the nation’s energy development with an ambitious goal of 5GW capacity in five years.

Interested in how green investments can shape the country’s energy future? Follow CREIT’s journey and stay informed about renewable energy trends by connecting with Power Philippines.