S&P rates Vietnam bonds BB

Standard & Poor's said it assigned a BB senior unsecured long-term foreign-currency debt rating to the 10-year benchmark-size dollar-denominated unsecured global bonds to be issued by Vietnam (foreign-currency BB/negative/B; local-currency BB+/negative/B).

The proceeds from the offering will be used for general funding purposes, including funding selected projects approved by Vietnam's prime minister.

The agency said the ratings on Vietnam reflect the country's low-income economy, developing financial system and evolving policy framework.

Healthy economic growth prospects, reinforced by the government's persistent efforts in economic restructuring, partly offset these weaknesses, S&P said.

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