Citicore Energy REIT Corp. (CREIT) has retained its PRS Aa+ issuer credit rating with a stable outlook from Philippine Rating Services Corporation (PhilRatings), signaling sustained confidence in its renewable energy-backed asset portfolio.

The company said its ASEAN Green Bonds also maintained a PRS Aa+ issue credit rating with a stable outlook, reflecting a “very strong capacity” to meet financial obligations and low credit risk.

PhilRatings cited CREIT’s fully leased portfolio of green, income-generating assets, along with experienced shareholders, satisfactory profitability, and manageable leverage, as key drivers behind the rating affirmation. The agency also noted the firm’s healthy liquidity position.

CREIT’s portfolio consists of land assets leased to solar power developers, underpinning operating and pipeline projects across key renewable energy corridors such as Pampanga, Tarlac, Cebu, Negros Occidental, and South Cotabato. These sites support existing solar capacity while enabling future expansion aligned with rising electricity demand and the country’s clean energy targets.

“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 CEO Oliver Tan.

The company added that proceeds from its PHP 4.5-billion ASEAN Green Bond issued in February 2023—previously oversubscribed—funded acquisitions that expanded its land portfolio to 7.1 million square meters, positioning it as the country’s largest renewable energy landlord. 

CREIT also cited governance recognitions, including Golden Arrow Awards from the Institute of Corporate Directors in 2024 and 2025.

“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,” Tan said.

PhilRatings defines a PRS Aa (corp.) rating as indicating a strong capacity to meet financial obligations relative to other Philippine corporates, with a stable outlook suggesting no expected change over the next 12 months.

What impact do you expect sustained high credit ratings like CREIT’s to have on financing and scaling renewable energy projects in the Philippines? Join the discussion.

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