Vista Land retains top credit rating

MANILA, Philippines -  Credit Rating and Investors Services Philippines Inc. (CRISP), a local debt watcher, has affirmed Vista Land’s ‘AAA’ issuer rating with a stable outlook.

CRISP cited the company’s sustained leadership in the low-cost and affordable housing market, strong financial performance, strong management team and a successful operating model.

This as Vista Land maintained its leadership position in the low-cost and affordable housing segments, building an estimated 300,000 homes since 1977 in 36 provinces, 98 cities and municipalities throughout the Philippines.

At present, the company is now in 111 cities and municipalities across 44 provinces in the country.

The report also mentioned the company sustained its project launches which are mostly in the low and affordable segments outside Metro Manila.

Aside from sustained leadership, CRISP also noted that the company’s operating model which it said can successfully replicate large-scale housing community projects.

CRISP believes that the company’s leadership in the low-cost and affordable housing market segments will be sustained as the economy continues to grow and the demand for housing, particularly in Vista Land’s market segment.

In its report, CRISP said Vista Land’s strategic land banking decision and the synergistic value of its Starmall assets will help sustain its leadership in property development for low-cost and affordable markets.

Vista Land’s strong financial performance in terms of revenue, EBITDA and net income growth was also taken into account in its latest credit action, CRISP said.

Manuel Villar, Jr., Vista Land chairman, said the company is happy to be able to sustain its debt rating.

“We welcome the affirmation of CRISP of our AAA rating, getting it for the first time in 2014 is one thing but sustaining it is another. This is again proof that we have put in place a company with a strong management team and a business model that can withstand challenges in a very competitive real estate industry,” Villar said.

Manuel Paolo Villar, president and CEO, for his part, said the company continues to aim to become one of the leading integrated property developers in the country by adding a significant leasing component to our successful residential business.

“We are glad that our efforts were noticed in CRISP’s recent pronouncement affirming our previous AAA rating and hope that our work to provide quality homes and lifestyle would continue to be appreciated by our very own customers – who in the end are our most vocal raters,” he said.