EVNNPC named stable Long-Term Foreign-Currency Issuer by Fitch Ratings

Illustrative image (Photo: VNA)

Hanoi (VNA) – The Vietnam Electricity Northern Power Corporation (EVNNPC) has been 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 percent 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 Vietnam sovereign rating (BB/Stable).

EVNNPC's rating is aligned with that of its parent, EVN. Under Fitch's PSL criteria there are strong linkages between the two, as EVN fully owns EVNNPC and has extensive influence over the company's business plans, profitability and financial profile.

Do Nguyet Anh, CEO of EVNNPC, said that the rating is of great significance for the development as well as production and business activities of the corporation.

It will help the corporation’s mobilisation of investment to serve development, she added./.

VNA