Manila Water navigates political challenges for debut

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By Morgan Davis
24 Jul 2020

Manila Water Co managed to make its international bond debut on Thursday despite facing a number of challenges, including looming questions about its future amid a dispute with the Philippine government.

Manila Water’s $500m sustainability bond was unrated, but analysts at Nomura see the company as a crossover credit, in other words between BBB+ and BB-. The company, which was established in 1997 and is a subsidiary of the Ayala Group, has a stable business model and dominant market ...

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