Fitch Ratings maintains standalone credit profile of PV Power at BB+
Credit ratings agency Fitch Ratings has assigned the PetroVietnam Power Corporation (PV Power) a Long-Term Foreign-Currency Issuer Default Rating (IDR) of “BB” with a positive outlook for the second consecutive year.
The gas-fired turbine of Nhon Trach Power Plant No. 2, a member of PV Power. (Photo: VNA)
Hanoi (VNA) – Credit ratings agency Fitch Ratings has assignedthe PetroVietnam Power Corporation (PV Power) a Long-Term Foreign-CurrencyIssuer Default Rating (IDR) of “BB” with a positive outlook for the secondconsecutive year.
The rating is on par with that of major groups such as the Vietnam National Oiland Gas Group (PetroVietnam) and Vietnam Electricity (EVN).
PV Power is the first Vietnamese power producer and the first unit ofPetroVietnam to be assigned an international credit rating.
According to the agency, PV Power's Standalone Credit Profile (SCP) is drivenby its strong market position as the second-largest electricity producer inVietnam, accounting for around 7 percent of the country's total electricityoutput and 6 percent of installed capacity in 2021.
It also benefits from diversified fuel sources, long-term power-purchaseagreements (PPAs) with EVN, for more than 80 percent of its electricity outputand a strong financial profile, it said.
Nguyen Duy Giang, deputy general director of PV Power, said that with thisrating from Fitch, it is expected that PV Power will have greater capacity toraise capital in the international market.
It also serves as the foundation for PV Power to approach the internationalenvironment, actively participate in investing in large energy projects andwork with PetroVietnam to carry out the energy transition in line with thegovernment commitment to net-zero emissions by 2050.
In the coming time, the corporation will focus on improving governancecapacity, especially financial management to optimise indicators and improveoperational efficiency, he said.
PV Power will evaluate and invest in effective projects, especially Nhon Trach 3 and 4 Power Plant projects, Quang Ninh liquefied naturalgas (LNG) Power Plant project as well as other renewable energy projects.
According to the consolidated financial statements of the first quarter of thisyear, PV Power recorded a revenue of 7 trillion VND (301 million USD), down 8percent over the same period last year. Its pre-tax profit stood at 880 billionVND in the period, a year-on-year increase of 30 percent./.
PetroVietnam Power Corporation (PV Power) reported a post-tax profit of 720 billion VND (over 31.2 million USD) the first quarter of 2021, surpassing the quarterly plan by 6 percent.
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The gas-fired turbine of Nhon Trach Power Plant No. 2, a member of PV Power. (Photo: VNA) 
