Fitch affirms ‘BB’ rating, positive outlook for Northern Power Corporation
Vietnam Electricity (EVN)’s Northern Power Corporation (EVNNPC) has retained its long-term foreign-currency issuer default rating at “BB” with a positive outlook as issued by Fitch Ratings.
EVNNPC workers check operations of a transformer station. (Photo: VNA)
Hanoi (VNA) – Vietnam Electricity (EVN)’sNorthern Power Corporation (EVNNPC) has retained its long-term foreign-currencyissuer default rating at “BB” with a positive outlook as issued by FitchRatings.
This rating is at the same level as that of itsState-owned parent group, EVN, and Vietnam as a whole, creating a solid basisfor EVNNPC to enhance its capacity of raising capital through more diversesources, including the international capital market and long-term bondissuance, the corporation said.
According to Fitch Ratings, the standalone credit profile of EVNNPCis supported by its dominant marketposition in electricity distribution in northern Vietnam and its stable anddiversified customer base of over 10 million, which is largest of EVN's fivedistribution companies.
That also reflects stableoperations by EVNNPC, which is the only distribution company in northernVietnam, except for Hanoi.
Its commercial electricityoutput is expected to grow by 8 - 9 percent in the next three years as powerdemand will increase in the north’s agriculture, population, and industry,making up for the pandemic-triggered decline in trading./.
Fitch Ratings has assessed the Vietnam Oil and Gas Group (PetroVietnam)'s Standalone Credit Profile (SCP) at 'BB+', reflecting the company's conservative financial profile, diversification and integration.
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EVNNPC workers check operations of a transformer station. (Photo: VNA) 
