DoubleDragon Corporation said on Tuesday Philippine Ratings Corp. (PhilRatings) has assigned a PRS Aaa rating, with a stable outlook.
The credit rating agency rated DoubleDragon on its planned P10.9 billion retail bond sale with a tenor of 3.5 years and 5.5 years.
Both tenors carry a coupon rate of 7.7 percent, the company told the Philipine Stock Exchange.
The bond offer represents the third and final tranche of the company’s three-year P30 billion retail bonds program, approved by the SEC last year.
DoubleDragon issued the first and second tranches of its P30.0 billion shelf registration bond program in November 2024 and February 2025, respectively.
DoubleDragon said the bond issuance was decided to be issued earlier to capitalize on the September 2025 issuance window where the company would be the only one to have a bond offering in the market.
PhilRatings in a statement said the rating and assigned outlook on DoubleDragon’s bond offer considered the company’s “clearly-defined and well-executed growth strategy; its experienced management and its ability to form solid alliances with industry-recognized partners; its conservative financial position considering the capital-intensive nature of the company’s businesses; and expectations of improved operating cashflow, backed by increasing rental income.”
As of August 2025, the company holds an investment property portfolio of over 1.5 million square meters (sq.m.), which includes office buildings in Metro Manila, provincial community malls, hotels, and warehouse complexes nationwide. It aims to increase its property portfolio to 2.4 million sq.m. of gross floor area (GFA) by 2030, spread across its four core business segments: 30 percent in retail, 15 percent in office, 20 percent in hospitality, and 35 percent in industrial leasing,” Philratings said.
PhilRatings said growing DoubleDragon’s hospitality and industrial leasing segments remain a key focus to achieve its targets.
“The company’s hospitality business continues to expand through its Hotel101, Jinjiang Inn, and Ascott brands both locally and abroad.
Present in five countries—Philippines, Japan, Spain, Saudi Arabia, and the United States (US)—the brand is pursuing growth through potential joint ventures and licensing partnerships in other markets, PhilRatings said.
Hotel101 aims to establish a presence in 25 countries over the medium term. Its long-term goal, on the other hand, is to operate one million rooms across over 100 countries.
DoubleDragon meanwhile operates ten industrial sites covering 60.6 hectares of prime land through its industrial leasing platform, CentralHub. CentralHum aims to develop a P24.8-billion warehouse leasing portfolio.
Philratings noted that DoubleDragon maintains a conservative capitalization structure, with its debt-to-capitalization ratio ranging from 40 percent to 44 percent over the past three years. As of end-June, its total debt reached P88.54 billion while its total equity was at P101.52 billion, translating to a debt-to-equity (DE) ratio of 0.87x.
“DE ratio has remained more than acceptable at below 1.0x, and is expected to stay at this level over the projected period,” PhilRatings said.
