Fitch gives Nutifood notes B+

Fitch Ratings said it assigned an expected B+ rating to Nutifood Nutrition Food JSC and its proposed dollar-denominated unsecured notes with a recovery rating of RR4.

The rating assumes the company will be able to raise enough cash to refinance its debt within the next 12 months, Fitch said.

“Nutifood’s rating reflects its strong position in Vietnam’s nutritional dairy products and dairy-based beverages market, ranking as the third largest in the country by retail volume and fifth largest by value. We believe the company is well-positioned to benefit from growth in Vietnam’s consumption expenditure, supported by the company’s financial profile, which is well-placed for its rating level,” said Fitch in a press release.

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