PhilRatings keeps D&L’s P2-B fixed rate bonds ‘Aaa’ rating

Philippine Rating Services Corp. (PhilRatings) on Thursday said it has maintained its credit rating of “PRS Aaa,” with a stable outlook, for D&L Industries Inc.’s P2 billion outstanding fixed rate bonds.

In a news release, PhilRatings said the credit rating and stable outlook were assigned to D&L’s bond issuance due to the company's “strong market position in the industries that it is engaged in,” “diversification of products offered and markets served,” and “innovation-driven specialty products that protect the company from keen competition and ensure continued demand from customers.”

The local credit watchdog also cited the company’s strong revenue generation and manageable debt levels.

Obligations rated “PRS Aaa” are of the highest quality with minimal credit risk and the capacity of the issuer to meet its financial commitment on the obligation is “extremely strong.”

PRS Aaa is the highest rating assigned by PhilRatings. 

A stable outlook, meanwhile, is assigned when a rating is likely to be maintained or to remain unchanged in the next 12 months, according to the local credit watchdog/

D&L is engaged in customization and specialization of food ingredients, oleochemicals and other specialty chemicals, specialty plastics, and consumer products original design manufacturer (ODM). 

PhilRatings also said D&L’s revenue sources are geographically diverse, with a substantial portion of revenues coming from its export business. 

In particular, export sales accounted for 34% of the company’s total sales in the first three months of 2025.

D&L is aiming to increase export sales contribution to 50%. — Ted Cordero/BM, GMA Integrated News