Fitch gives Vingroup notes B+

Fitch Ratings said it assigned Vingroup Joint Stock Co.'s (B+/stable) $200 million 11 5/8% notes due 2018 a final B+ rating.

The notes are issued by Vingroup and guaranteed by some of its subsidiaries.

Vingroup's 2012 and year-to-date residential pre-sales and new sales were significantly below Fitch's expectations because weakness in the property market lasted longer than anticipated. The Vietnamese authorities are, however, committed to macroeconomic stability, including lower inflation and a stable currency.

These macroeconomic factors are supportive of the property sector and Fitch expects to see a marked increase in new property sales in 2014, the agency said.

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