At PetroVietnam Power Corporation (Photo: 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.
VietNamPlus