Fitch affirms ‘BB’ rating, positive outlook for Northern Power Corporation

March 15, 2022 - 14:42

Việt Nam Electricity (EVN)’s Northern Power Corporation (EVNNPC) has retained its long-term foreign-currency issuer default rating at “BB” with a positive outlook as issued by Fitch Ratings.

EVNNPC workers check the operations of a transformer station. — VNA/VNS Photo

HÀ NỘI — Việt Nam Electricity (EVN)’s Northern Power Corporation (EVNNPC) has retained its long-term foreign-currency issuer default rating at “BB” with a positive outlook as issued by Fitch Ratings.

This rating is at the same level as that of its State-owned parent group, EVN, and Việt Nam as a whole, creating a solid basis for EVNNPC to enhance its capacity of raising capital through more diverse sources, including the international capital market and long-term bond issuance, the corporation said.

According to Fitch Ratings, the standalone credit profile of EVNNPC is supported by its dominant market position in electricity distribution in northern Việt Nam and its stable and diversified customer base of over 10 million, which is the largest of EVN's five distribution companies.

That also reflects stable operations by EVNNPC, which is the only distribution company in northern Việt Nam, except for Hà Nội.

Its commercial electricity output is expected to grow by 8 - 9 per cent in the next three years as power demand will increase in the north’s agriculture, population, and industry, making up for the pandemic-triggered decline in trading. — VNS

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