PV Power rated “Positive” by Fitch Ratings

Hanoi (VNA) - Credit ratings agency Fitch
Ratings has for the first time assigned the PetroVietnam Power
Corporation (PV Power) a Long-Term Foreign-Currency Issuer Default Rating (IDR)
of “BB” with a positive outlook.
The rating is on par with that of Vietnam and
major groups such as the Vietnam National Oil and Gas Group (PetroVietnam) and Vietnam Electricity (EVN).
PV Power is the first Vietnamese power producer and
the first unit of PetroVietnam to be assigned an international credit rating.
Despite the effects of the COVID-19 pandemic last
year and in the opening months of 2021, PV Power still stably, safely, and
effectively operated its power plants and fulfilled its targets.
Total output of commercial electricity reached 19.166
billion kWh last year, or 103 percent of the plan. The company earned over 30.2
trillion VND (1.31 billion USD) in revenue and posted more than 2.87 trillion
VND in pre-tax profit, or 107 percent and 120 percent of the targets, respectively.
Its contribution to the State budget exceeded 1.68 trillion VND, or 118 percent
of the plan.
Its pre-tax profit stood at 720 billion VND in the first quarter of this year, or 106 percent of the plan.
With this rating from Fitch, it is expected that PV Power will have greater capacity
to raise capital in the international market./.