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San Miguel Capital Funding, a special purpose unit of beverage and food conglomerate San Miguel Corporation, will issue hybrid securities this month.
In fact, Moody's Investors Service has assigned a (P)Ba3 foreign currency rating to the proposed preferred stock issuance of the Cayman Islands-registered San Miguel Capital Funding (SMCF).
At the same time, Moody's has assigned Ba1 local currency corporate family and indicative foreign currency senior unsecured ratings to SMC. The indicative foreign currency debt rating of Ba1 is what would be assigned to foreign currency bonds sold under foreign law. At this point in time, Moody's has not assigned this rating to any specific debt issuance. The outlook on the ratings is stable.
This is the first time Moody's has assigned ratings to SMC. Moody's expects to affirm the provisional preferred stock rating and remove it from its provisional status upon satisfactory review of final documentation and completion of the issuance.
"The Ba1 local currency corporate family rating reflects the size, diversity, and profitability of SMC's operations, which encompass alcoholic beverages and soft drinks, food and packaging activities in the Philippines, as well as food and beverage operations in Australia," says Moody's Charles Macgregor, vice president/senior credit officer, lead analyst for the company.
"The company enjoys strong brand equity and commanding positions in most of its markets, which are stable by nature, providing it with a robust and healthy platform for cash flow generation," Moody's Macgregor adds.
San Miguel
Moody's
In fact, Moody's Investors Service has assigned a (P)Ba3 foreign currency rating to the proposed preferred stock issuance of the Cayman Islands-registered San Miguel Capital Funding (SMCF).
At the same time, Moody's has assigned Ba1 local currency corporate family and indicative foreign currency senior unsecured ratings to SMC. The indicative foreign currency debt rating of Ba1 is what would be assigned to foreign currency bonds sold under foreign law. At this point in time, Moody's has not assigned this rating to any specific debt issuance. The outlook on the ratings is stable.
This is the first time Moody's has assigned ratings to SMC. Moody's expects to affirm the provisional preferred stock rating and remove it from its provisional status upon satisfactory review of final documentation and completion of the issuance.
"The Ba1 local currency corporate family rating reflects the size, diversity, and profitability of SMC's operations, which encompass alcoholic beverages and soft drinks, food and packaging activities in the Philippines, as well as food and beverage operations in Australia," says Moody's Charles Macgregor, vice president/senior credit officer, lead analyst for the company.
"The company enjoys strong brand equity and commanding positions in most of its markets, which are stable by nature, providing it with a robust and healthy platform for cash flow generation," Moody's Macgregor adds.
San Miguel
Moody's
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