The Ayala Corporation is one of the few blue chips based in the Philippines. And its importance is such that Filipinos view the family owners as the country’s first family. So while the company is an infrequent borrower – in sharp contrast to the higher-rated sovereign – when it does come to the market it is able to grab many investors’ attention. And again unlike the sovereign it gets it for the right reasons. The corporate is held in such high regard that many believe that its credit rating would in fact be a lot higher than the sovereign’s if it wasn’t actually based in the Philippines.
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