PHOENIX Petroleum Philippines Inc. was assigned an insurer credit rating of PRS Aa minus (corp.), with a stable outlook by the Philippine Rating Services Corp.
The rating was obtained in relation to the company’s outstanding three-year commercial papers program of up to P10 billion.
With this, Phoenix may issue CPs until 2021. The proceeds will be used to finance the company’s working capital requirements.
Phoenix was able to increase its number of retail stations from 530 in 2017 to 655 in 2019. For the past three years, the bulk of the growth was in Luzon. (PR)