PhilRatings assigned a PRS Aaa to SM Prime Proposed Bond Issue

The Philippine Rating Services Corporation (PhilRatings) assigned a rating of PRS Aaa to SM Prime Holdings, Inc.’s (SMPH) proposed bond issue of up to P12.0 billion, with an oversubscription option of up to P5.0 billion.

The proposed issue represents the third tranche of the Company’s P100 Billion Shelf Registration of Fixed Rate Bonds approved by the SEC on 23 May 2024 under SEC MSRD Order No. 46 series of 2024, dated 6 June 2024. The rating for SMPH’s outstanding bonds amounting to P141.5 billion was likewise maintained at PRS Aaa. PhilRatings assigned a Stable outlook for the ratings of the proposed and outstanding bonds.

PRS Aaa is the highest rating assigned by PhilRatings, denoting that such obligations are of the highest quality with minimal credit risk and that the issuing company’s capacity to meet its financial commitment on the obligations is extremely strong.

SM Prime is one of the largest integrated property developers in Southeast Asia that offers innovative and sustainable lifestyle cities with the development of malls, residences, offices, hotels and convention centers. It is also the largest, in terms of asset, in the Philippines.

SM Prime was incorporated in the Philippines in 1994. They started as a mall developer and operator and grew to be the biggest retail shopping center developer and operator in the Philippines. Currently, it has 88 malls in the Philippines and 8 shopping malls in China, totaling 11.2 million square meters of Gross Floor Area (GFA). In the Philippines, they have a total of 22,192 tenants and 2,005 tenants in China as of June 2025.