Cirtek retains PRS A rating

Jan 13, 2021

Cirtek retains PRS A rating

Manila Bulletin by James A. Loyola

Philippine Rating Services Corporation (PhilRatings) has maintained its “A” rating for Cirtek Holdings Philippines Corporation.

In a statement, the ratings firm said it has assigned Cirtek an Issuer Credit Rating of PRS A (corp.), with a Stable Outlook.

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.

On the other hand, a Stable Outlook means the rating is likely to be maintained or to remain unchanged in the next twelve months.

PhilRatings said the rating and outlook were assigned to Cirtek given the firm’s manageable liquidity and capitalization levels and the Cirtek Group’s established track record in the industry, supported by a strong and experienced management team that has navigated the Group through economic cycles, crises, and industry challenges.

It also too into consideration Cirtek’s strong customer base of well-established and global companies, diversified in terms of region and industries.

PhilRatings also cited Cirtek’s improved profit margins despite lower revenues, attributable to the company’s cost management efforts; and the highly competitive and cyclical industry that is susceptible to adverse changes in various economies and characterized by the presence of larger international players.

Cirtek is a fully integrated global technology company focused on wireless communication. It is an independent, complete solutions provider for subcontract manufacturing of semiconductor devices and

provides a broad range of assembly and testing services for various product applications and industries. It is primarily engaged into the design, development and delivery of the wireless industry’s antenna solutions; the manufacture of valued-added, highly integrated technology products; and the manufacture and sales of semiconductor packages as an independent subcontractor for outsourced semiconductor assembly, test and packaging services.

  • Dec 02, 2021

    SEC allows Cirtek to sell ₧2.5B in preferred shares

    Published by Business Mirror

    Laguna-based Cirtek Holdings Philippines Corp. on Thursday said it secured the green light of the Securities and Exchange Commission for its primary offering of up to 50 million in perpetual preferred shares.

    The company is selling its preferred shares to be classified as class B-2 subseries C or D shares at P50 apiece. Cirtek expects to raise some P2.5 billion from the offering.

    The public offer period will run until December 3 and will be listed on the Philippine Stock Exchange on December 14.

    Cirtek has been allowed to offer up to 70 million shares, or proceeds ...

    Read more
  • Sep 16, 2020

    Cirtek’s subsidiary bags contract with US wireless carrier

    Cirtek’s subsidiary bags contract with US wireless carrier

    Cirtek Holdings Philippines Inc. said US-based subsidiary Quintel bagged a telecommunications contract

    Read more
  • Apr 15, 2015

    Press Release  -  April 15, 2020

    Press Release - April 15, 2020

    Amidst the global pandemic, Cirtek Holdings Philippines Corp. through its wholly owned semiconductor arm

    Read more