West Zone concessionaire Maynilad Water Services, Inc. (“Maynilad” or the “Company”), announced that S&P Global Ratings has issued a Climate Transition Assessment (“CTA”) on the Company, assessing it a “medium green” rating.
S&P Global Ratings is a leading provider of independent credit and sustainability evaluations. Its CTA provides a qualitative opinion on how prepared a company is for the transition to a lower-carbon economy, considering governance, strategy, risk management and climate-related targets.
S&P noted that all of Maynilad’s revenues come from activities it classifies as environmentally sustainable under its CTA framework. The assessment also confirmed Maynilad’s alignment with international sustainability standards, including the International Finance Corporation’s (“IFC”) guidance for blue finance and the World Federation of Exchanges’ (“WFE”) Green Equity Principles.
According to S&P, Maynilad’s “medium green” rating reflects service improvement initiatives such as non-revenue water reduction, potable water reuse through its NEW WATER project, watershed restoration and infrastructure upgrades. These projects support the Company’s role in providing essential water and wastewater services to over 10 million people in the West Zone concession.
The report further observed that “Maynilad’s carbon neutrality goal is ambitious in the context of the Philippines, which currently lacks a country-wide net zero commitment.”
“This independent assessment provides a transparent benchmark of our climate transition efforts,” said Maynilad Chief Sustainability Officer, Atty. Roel S. Espiritu. “It highlights both our progress and the areas where we can continue to strengthen.”
