Fitch Ratings rates PV GAS with a positive outlook. (Photo: PV GAS)Hanoi (VNA) - Fitch Ratings has rated Petrovietnam Gas Joint Stock Corporation (PV GAS) as a Long-Term Foreign-CurrencyIssuer Default Rating (IDR) of 'BB' with a positive outlook.
Thus the credit rating of PV GAS is equal to that ofthe parent company, the Vietnam Oil and Gas Group (Petrovietnam) and the nationalcredit rating of Vietnam.
This result will help PV GAS improve its ability toraise capital in the international market, diversify sources of capital mobilisationfor investment projects.
Fitch ratings assessed PV GAS’s Standalone Credit Profile(SCP) as ‘pp ’. The rating reflected a strong market position as the solemidstream gas distributor and the first liquefied natural gas (LNG) importer inthe country, as well as diversified earnings from a regulated liquefiedpetroleum gas (LPG) business, where it holds a 70% market share.
Its position as the sole long-term gas supplier fora majority of its customers and long-term contracts with price protectionprovide a stable earnings source. PV GAS is well-positioned to benefit fromPetrovietnam's plans for significant upstream expansion to increase gas production.
In 2022, total revenue of PV GAS reached over 100trillion VND (4.22 billion USD), up 25% compared to 2021; profit after tax hit over 13.3 trillion VND, an increase of 51% year on year.
The company's ratio of net return on assets (ROA) exceeded 14% and its ratio of net return on equity (ROE) was over 22%./.
