HÀ NỘI — The Vietnam Electricity Northern Power Corporation (EVNNPC) was recently assigned a Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘BB’ with a stable outlook by Fitch Ratings.
EVNNPC’s rating is based on the consolidated credit profile of Vietnam Electricity (EVN, BB/Stable), which owns 100 per cent of the company, in line with Fitch's Parent and Subsidiary Linkage (PSL) Rating Criteria.
The consolidated rating approach is driven by the strong integration of EVNNPC's credit profile with that of its parent. Fitch assesses EVNNPC's Standalone Credit Profile (SCP) at ‘BB’, the same as that of EVN and the Việt Nam sovereign rating.
EVNNPC's rating is aligned with that of its parent, EVN. Under Fitch's PSL criteria there are strong links between the two, as EVN fully owns EVNNPC and has extensive influence over the company's business plans, profitability and financial profile.
Đỗ Nguyệt Ánh, CEO of EVNNPC, said the rating is of great significance for the development of the corporation.
It will help the corporation’s mobilisation of investment to serve development, she added. — VNS