First Gen P5-B bond downgraded; rater cites debt, lower profit

Philratings lowered its rating for First Gen’s P5-billion bond to A plus — defined as having favorable investment attributes and considered as upper-medium grade obligations.

The rating is four notches lower than the original Aaa rating that the debt watcher had given the company four years ago.

Philratings noted that at that time, First Gen’s liquidity position and financial flexibility were much stronger.

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