Fitch Ratings upgrades PetroVietnam’s outlook to ‘positive’

Fitch Ratings has revised the outlook for the Vietnam Oil and Gas Group (PetroVietnam) to “positive” from “stable”.
Fitch Ratings upgrades PetroVietnam’s outlook to ‘positive’ ảnh 1An oil rig of PetroVietnam (Photo: VNA)
Hanoi (VNA) – Fitch Ratings has revised theoutlook for the Vietnam Oil and Gas Group (PetroVietnam) to “positive” from “stable”.

It also assessed PetroVietnam’s standalone credit profile (SCP) at “BB+” and long-term foreign-currency issuer default rating(IDR) at “BB”.

The assessmentsfollowed Fitch Ratings’ upgrade of the outlook for Vietnam, with the “BB”rating, from “stable” to “positive” earlier this month.

Like other oil andgas firms around the world, PetroVietnam encountered numerous difficulties in2020 due to impacts of the COVID-19 pandemic and the oil price nosedive.

Facing that fact,it has carried out drastic response solutions to achieve last year’s targets.

In 2020, thegroup recorded 11 trillion VND (476.3 million USD)in consolidated after-tax profit and 313.3 trillion VND in revenue andcontributed 83 trillion VND to the State budget./.
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