Leading fiber broadband operator Converge ICT Solutions Inc. has been given the highest credit rating by domestic credit rating agency Philippine Ratings Services Corp. (PhilRatings) for its planned maiden bond issuance worth P5 billion, with an oversubscription option of up to P5 billion.
The Converge maiden bond offering has been granted a “PRS Aaa rating with stable outlook” due to the internet provider’s formidable position in the fixed broadband market following its spectacular growth in recent years and its strong cash flow that provided the company flexibility in its network rollout.
According to Converge chief executive officer Dennis Anthony Uy, the funds to be generated from the proposed bond issue would be used to support the capital expenditures of the company amid its massive expansion.
Converge aims to cover 55 percent of Philippine households by 2023 as it already connected Visayas and Mindanao to its pure fiber national backbone earlier this year. (PR)