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Fitch Ratings ranks PetroVietnam's Standalone Credit Profile at 'BB+'

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.
Fitch Ratings ranks PetroVietnam's Standalone Credit Profile at 'BB+' ảnh 1Illustrative photo. (Source: VNA)
Hanoi (VNA) – Fitch Ratings has assessed the VietnamOil and Gas Group (PetroVietnam)'s Standalone Credit Profile (SCP) at 'BB+',reflecting the company's conservative financial profile, diversification andintegration.

Fitch Ratings affirmed the group’s Long-TermForeign-Currency Issuer Default Rating (IDR) at 'BB' with a Positive Outlook aswell as senior unsecured rating at 'BB'.

The agency expected PetroVietnam’s earnings before interest,taxes, depreciation, and amortization (EBITDA) to double in 2021 to over 45trillion VND (1.97 billion USD) from 2020 due to a recovery in crude oilprices, refining margins and distribution spreads.

It does not expect the current surge in COVID-19infections in Vietnam to significantly affect PetroVietnam's earnings recovery, asVietnam is a net importer of fuels, resulting in stable demand for thecompany's gas distribution, fertiliser and power segments.

In the first eight months of 2021, the group surpassed its productionand business targets, with crude oilexploitation exceeding the plan by 12.7 percent and the production of nitrogen,petrol and LPG surpassing the plan by between 2-11 percent./.

VNA
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