Fitch affirms Vingroup

Fitch Ratings said it affirmed Vingroup JSC's long-term foreign and local currency issuer default ratings, senior unsecured rating and the rating on its senior notes at B+.

The outlook is stable.

Vingroup's ratings reflect its small size when compared to global property developers and its aggressive growth strategy. The ratings also capture Vietnam's improving macroeconomic conditions that are likely to accelerate property sales growth, Vingroup's strong market position as Vietnam's largest listed real estate developer, its sizable land bank, its adequate liquidity and Fitch's expectation that Vingroup's new projects – Vinhomes Nguyen Chi Thanh and Vinhomes Tan Cang – would be launched successfully, which would provide the majority of funding for the capital expenditures from the second half of 2014.

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