Citek assigned ´PRS A (corp.)´ issuer credit rating

Jan 12, 2021

Citek assigned ´PRS A (corp.)´ issuer credit rating

GMA News Online

By TED CORDERO, GMA News

Cirtek Holdings Philippines Corp. has been assigned an above average capability to fulfill financial obligations by a local debt watcher.

In a disclosure to the Philippine Stock Exchange on Tuesday, Cirtek said the Philippine Rating Services Corp. (PhilRatings) gave the listed electronic manufacturer a “PRS A (corp.)” credit rating in relation to its three-year shelf registration for commercial papers (CPs) of up to P2 billion.

Based on PhilRating’s credit rating system, a company rated PRS A (corp.) has “an above average capacity to meet its financial commitments relative to that of other Philippine corporates.”

The company, however, is somewhat more susceptible to adverse changes in circumstances and economic conditions than higher-rated corporates, according to PhilRatings.

The debt watcher also gave Cirtek a stable outlook as “an indication as to the possible direction of any rating change within a one-year period and serves as a further refinement to the assigned credit rating for the guidance of investors, regulators, and the general public.

A stable outlook is defined as “the rating is likely to be maintained or to remain unchanged in the next twelve months.”

Cirtek is a fully integrated global technology company focused on wireless communication.

It is primarily engaged into the following related businesses:

the design, development and delivery of the wireless industry’s antenna solutions the manufacture of valued-added, highly integrated technology products the manufacture and sales of semiconductor packages as an independent subcontractor for outsourced semiconductor assembly, test and packaging services

For the first nine months of 2020, consolidated revenues fell by 14.4% year-on-year to $59.5 million.

Net income registered a decrease of 1.7% year-on-year to $3.6 million. -MDM, GMA News

  • Jan 13, 2021

    Cirtek outlook rated stable

    Cirtek outlook rated stable

    Philippine Rating Services Corp. (PhilRatings) assigned an issuer credit rating of PRS A (corp.)

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  • Mar 13, 2022

    Cirtek raises environmental standards

    Published by Philstar

    MANILA, Philippines — Cirtek Holdings Philippines Corp. (CHPC) has raised its environmental standards and management systems.

    In a statement, CHPC said that its subsidiaries, Cirtek Electronics Corp. (CEC) and Cirtek Advanced Technology Solutions Inc. (CATSI) recently passed their ISO 14000 audits with Zero (0) non-conformance.

    “Considering the stringent requirements of an ISO 14000 certificate, the company considers this a victorious achievement,” CHPC said.

    The internationally recognized quality standards mean a company has effectively established and maintains adequat...

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  • Oct 27, 2021

    SEC approves Cirtek's P3.5-B preferred share offering

    Published By Manila Bulletin

    The Securities and Exchange Commission (SEC) has approved the planned P3.5 billion preferred shares offering by Cirtek Holdings Philippines Corporation.

    In its meeting on October 26, the Commission En Banc resolved to render effective the registration statement of Cirtek covering 50 million preferred B-2 Subseries C and D shares at an offer price of P50 per preferred share, with an oversubscription option of up to 20 million preferred shares.

    The preferred shares will be listed and traded on the Main Board of the Philippine Stock Exchange (PSE).

    The listed tech man...

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