S&P upgrades Vingroup

S&P said it raised the long-term corporate credit rating on Vingroup JSC to B+ from B.

The outlook is stable.

The upgrades reflect a view that Vingroup will sustain its solid market position as the largest property developer in Vietnam over the next 12 to 24 months, S&P said.

The company's operating scale has improved substantially over the past few years such that it can absorb a proposed foray into the automobile business, the agency said.

S&P also said it expects Vingroup will manage its leverage so its debt-to-EBITDA ratio stays at less than 4x for the next two years.

The company also is expected to continue expanding its operating scale and diversity through satisfactory property sales execution, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.