February 16, 2026 – The Credit Rating and Investors Services Philippines Inc. (CRISP) reaffirms its ‘AAA’ isser rating for Vista Land and Lifescapes, Inc. (VLL)and places it on CRISP Monitor.
CRISP Monitor is this rating agency’s category for issuers under close monitoring of credit rating issues that may affect their assigned rating. This action does not necessarily mean that a rating change is inevitable. Factors under monitoring include potential market changes, financial and economic issues, and other factors that may significantly affect the rated company.
VLL is a major player in the property development market, having built over 500,000 homes across 49 provinces and 147 cities and municipalities in Luzon, Visayas, and Mindanao. VLL has expanded its presence in high-end markets, retail malls, and office spaces, and carries a recognizable brand nationwide.
CRISP reaffirms its ‘AAA’ issuer rating for VLL, acknowledging the company’s leading position in the property market, but places VLL’s rating on CRISP Monitor to closely monitor developments related to its maturing ₱30.6 billion debt in 2026.
Based on VLL’s official disclosure to the Securities and Exchange Commission for the quarter ended September 30, 2025, CRISP notes that its current ratio remains healthy at 1.74x. However, VLL’s cash and cash equivalents declined significantly to ₱5 billion in Q3 2025 from ₱16 billion in Q3 2024, due to mounting interest payments totaling ₱13.6 billion over the same period.
VLL Loan Maturities Profile
In 2026, VLL’s loan maturities would amount to ₱31Bn, primarily consisting of the P10Bn and P8.2Bn Corporate Notes due in April and December, respectively, and the P3.2Bn Retail Bond due in December.
CRISP notes that VLL executed a new bilateral loan agreement with a bank last December for ₱13.61 billion, which will partially cover its 2026-maturing loan.
CRISP flags VLL’s foreign currency risk exposure, noting that as of September 30, 2025, VLL has US$- denominated assets and liabilities, as listed below. These assets and liabilities are sensitive to currency fluctuations that may affect VLL’s position. We note that VLL’s dollar-denominated assets of about US$ 604 million, compared with its notes payable of US$ 866 million, leave about US$ 262 million unhedged against US$: Peso fluctuations.
| As of September 30, 2025 Amount (in millions) | ||
| Cash and cash equivalents | US$ 52 | ₱ 3,046 |
| Investments at amortized cost | US $552 | ₱ 32,020 |
| Notes Payable | US$ 866 | ₱ 50,418 |
VLL Issued Bonds
VLL was first issued a ‘AAA’ rating by the Credit Rating and Investors Services, Inc. (CRISP) when it issued its Three Billion Peso (P3 billion) 5-year bonds on April 14, 2014. The bonds were issued as direct, unconditional, unsecured, and pari passu with all present and future unsecured obligations of VLL. The bonds matured in 2019 and were followed by a series of bond issuances listed below:
| Issue Date | Amount | Series | Interest | Rating | Status | Amount Outstanding |
| 25-Apr-14 | ₱3,000,000,000 | 5.654% | – | Matured | – | |
| 5.944% | – | Matured | – | |||
| ₱2,000,000,000 | ||||||
| 18-Jul-17 | ₱3,000,000,000 | Series A | 5.751% | – | Matured | – |
| Series B | 6.226% | AAA/CRISP Monitor | Outstanding | ₱2,000,000,000 | ||
| 6-Dec-18 | ₱5,000,000,000 | Series C | 8.000% | – | Matured | – |
| Series D | 8.250% | AAA/CRISP Monitor | Outstanding | ₱3,500,000,000 | ||
| 28-Nov-19 | ₱5,000,000,000 | Series E | 5.699% | – | Matured | – |
| 16-Nov-23 | ₱6,000,000,000 | Series F | 7.543% | AAA/CRISP Monitor | Outstanding | ₱6,000,000,000 |
| Series G | 7.689% | AAA/CRISP Monitor |
NOTE: The ratings issued by the Credit Rating and Investors Services, Philippines, Inc. should not be viewed as a recommendation to buy, sell, or hold any securities or any financial instruments issued by the rated company.