S&P Global Ratings has upgraded the credit rating of Hong Kong-based First Pacific Co. Ltd., citing a higher valuation for its key subsidiary, Metro Pacific Investments Corp.
The rating agency raised First Pacific’s long-term issuer credit rating from ‘BB-’ to ‘BB’, with a stable outlook. The upgrade reflects improved financial flexibility and stronger links between the parent company and its core operating assets, particularly Metro Pacific, which holds significant stakes in infrastructure, utilities, and healthcare.
S&P noted that Metro Pacific’s improved credit profile and consistent dividend flow have bolstered First Pacific’s overall financial health. The agency expects the group to maintain prudent leverage and adequate liquidity over the next 12 to 24 months.
First Pacific, controlled by Indonesian tycoon Anthoni Salim, has been streamlining its portfolio to focus on high-growth markets in Southeast Asia, with the Philippines remaining a key market through Metro Pacific.