Fitch Ratings made the announcement of the rating increase on December 8. This outcome, which can be attributed to PV Power's strong financial metrics, is comparable to the IDR of parent company, the Vietnam Oil and Gas Group (PVN).
Prior to this, PV Power was rated as “BB” with a “Positive Outlook” for three years in a row. The “BB+” credit rating serves as additional evidence of its sound financial and corporate standing, as well as its promising future business outlook. Indeed, it is the cornerstone for guaranteeing financial and business capacity, fostering trust for shareholders, investors, lenders, and other strategic partners. This ranking is especially important given the challenges that the Vietnamese electrical industry in general, and PV Power in particular, is currently confronting.
As of right now, PV Power is the nation’s second-largest electricity generator and the industry leader in gas electricity. In addition, PV Power has a solid financial profile and gains from a variety of fuel sources through a long-term power purchase agreement (PPA) with Electricity of Vietnam.
