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Fitch Ratings rates PV GAS with positive outlook
Fitch Ratings has rated Petrovietnam Gas Joint Stock Corporation (PV GAS) as a Long-Term Foreign-Currency Issuer Default Rating (IDR) of 'BB' with a positive outlook.
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| Fitch Ratings rates PV GAS with a positive outlook. (Photo: PV GAS) |
Thus the credit rating of PV GAS is equal to that of the parent company, the Vietnam Oil and Gas Group (Petrovietnam) and the national credit rating of Vietnam.
This result will help PV GAS improve its ability to raise capital in the international market, diversify sources of capital mobilisation for investment projects.
Fitch ratings assessed PV GAS’s Standalone Credit Profile (SCP) as ‘pp ’. The rating reflected a strong market position as the sole midstream gas distributor and the first liquefied natural gas (LNG) importer in the country, as well as diversified earnings from a regulated liquefied petroleum gas (LPG) business, where it holds a 70% market share.
Its position as the sole long-term gas supplier for a majority of its customers and long-term contracts with price protection provide a stable earnings source. PV GAS is well-positioned to benefit from Petrovietnam's plans for significant upstream expansion to increase gas production.
In 2022, total revenue of PV GAS reached over 100 trillion VND (4.22 billion USD), up 25% compared to 2021; profit after tax hit over 13.3 trillion VND, an increase of 51% year on year.
The company's ratio of net return on assets (ROA) exceeded 14% and its ratio of net return on equity (ROE) was over 22%./.
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