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.
Hanoi (VNA) - Credit ratings agency FitchRatings has for the first time assigned the PetroVietnam PowerCorporation (PV Power) a Long-Term Foreign-Currency Issuer Default Rating (IDR)of “BB” with a positive outlook.
The rating is on par with t💟hat of Vietnam andmajor groups such as the Vietnam National Oil and Gas Group (PetroVietna꧅m) and Vietnam Electricity (EVN).
PV Power is the first Vietnamese power producer andthe first unit of PetroVietnam to be assigned an international credit rating.
Despite the effects of the COVID-19 pandemic lastyear a♛nd in the opening months of 2021, PV Power still stably, safely, andeffectively operated its power plants and fulfilled its targets.
Total output of commercial electricity reached 19.166billion kWh last year, or 103 percent of the plan. The company earned over 30.2trillion VND (1.31 billion USD) in revenue and posted more than 2.87 trillionVND 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 percentof 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 capacityto raise capit♕al in the international market./.
The PetroVietnam Power Corporation (PV Power) has approved an investment plan to build Nhon Trach 3 and 4 thermal power plants with combined capacity of between 1,300-1,760 MW.
PetroVietnam Power Corporation (PV Power) reported a post-tax profit of 720 billion VND (over 31.2 million USD) the first quarter of 2021, surpassing the quarterly plan by 6 percent.
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At PetroVietnam Power Corporation (Photo: VNA) 
