Philratings upgrades doubledragon’s credit rating

PHILIPPINE Rating Services Corp. (PhilRatings) announced that it has upgraded its Corporate Credit Rating to PRS Aaa for DoubleDragon Corp. DoubleDragon has completed over a portfolio of over 1.2 million leasable recurring income generating gross floor area positioned strategically in various parts of Luzon, Visayas and Mindanao and only in select sunrise real estate sectors of provincial retail leasing with its string of CityMall community centers, its office buildings In DD Meridian Park complex in Bay Area, Pasay and the 42-storey Jollibee Tower in Ortigas CBD, its string of CentralHub warehouse complexes, and its string of Hotel101 hotels in the Philippines as well as the most recently completed purchase of a 9,000 square meter prime land in Hokkaido, Japan. DoubleDragon Corp., as of June 30,2022, had total assets of P146.70 billion and total equity of P71.44 billion. DoubleDragon’s net debt-to-equity ratio stood healthily at a low 0.64x far below its D/E ceiling of 2.33x. Cash position stood at P7.87 billion. (PR)