Property firm’s P11-billion bond offering gets top credit rating

Philippine Rating Services Corp. (PhilRatings) has assigned its highest Issue Credit Rating of PRS Aaa, with a Stable Outlook, to DoubleDragon Corp.’s planned bond issuance of up to %u20B110.9 billion.

The offering represents the third and final tranche of DoubleDragon’s three-year %u20B130-billion retail bond program. The issuance will consist of %u20B13.5 billion in peso retail bonds with an oversubscription option of up to %u20B17.4 billion. The bonds, carrying a fixed rate of 7.7 percent, will be offered in September 2025 with tenors of 3.5 and 5.5 years.

According to the company, the timing was chosen to capitalize on the September issuance window, during which the DD Double-Seven Peso Retail Bond will be the only retail bond offering in the market.

PhilRatings also maintained the PRS Aaa rating with Stable Outlook for DoubleDragon’s existing %u20B134.4-billion worth of bonds. Obligations with this rating are deemed of the highest quality, with minimal credit risk, backed by the issuer’s extremely strong capacity to meet financial commitments.

The rating agency cited DoubleDragon’s clearly defined growth strategy, experienced management team, strong alliances with industry partners, and conservative financial position as factors in assigning the rating. It also highlighted the company’s expected improvement in operating cash flow, supported by increasing rental income.

As of August 2025, DoubleDragon’s investment property portfolio spans more than 1.5 million square meters, including Metro Manila office towers, provincial community malls, hotels, and warehouse complexes nationwide. The firm aims to expand this to 2.4 million sqm by 2030, with 30 percent allocated to retail, 15 percent to office, 20 percent to hospitality, and 35 percent to industrial leasing.

Expansion of the hospitality and industrial leasing segments remains central to this strategy, with the firm continuing to roll out projects under its Hotel101, Jinjiang Inn, and Ascott brands both domestically and abroad.