Fitch rates Vingroup notes B+

Fitch Ratings said it assigned Vingroup JSC long-term foreign and local currency issuer default ratings of B+ with a stable outlook.

At the same time, the agency assigned Vingroup a senior unsecured rating of B+ and assigned Vingroup's proposed senior unsecured notes due in 2017 an expected B+ rating with a recovery rating of RR4.

Fitch said the ratings reflect Vingroup's leading market position and established brand in the Vietnamese high-end property market balanced by its susceptibility to volatile property development income.

The rating also reflects Vingroup's adequate liquidity and a demonstrated track record in accessing various funding sources, as well as its limited diversification and small scale.

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