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On November 17, S&P Global Ratings, the world’s leading provider of independent credit ratings, announced the completion of its more than 43 per cent equity investment in FiinRatings, Vietnam’s leading credit rating agency. The two companies also signed a partnership agreement to enhance support for Vietnam’s debt capital markets, including cooperation on analytical knowledge transfer, joint seminars, and market education initiatives.
The companies announced S&P Global’s strategic investment in FiinRatings back in February, marking a significant milestone in a partnership that was first established in 2020. On November 12, Hanoi Department of Finance issued an approval recognising S&P Global Asian Holdings Pte. Ltd. (a subsidiary of S&P Global) as an official shareholder, holding a 43.4 per cent equity stake in FiinRatings.
The completion of the transaction means that FiinRatings is now a strategic partner of S&P Global, strengthening its capability to align with international credit-rating practices. FiinRatings will shortly appoint two members from S&P Global Ratings to its Board of Directors.
The partnership between FiinRatings and S&P Global Ratings has been built on a solid foundation over the years since 2020, with the relationship expanding in June 2022 when FiinRatings became a Technical Collaboration Partner of S&P Global.
“The completion of our equity transaction with S&P Global marks a major milestone for FiinRatings and for the development of Vietnam’s capital market,” said Nguyen Quang Thuan, executive chairman of FiinGroup and FiinRatings.
“This collaboration brings strategic resources, international experience, and global standards that strengthen our analytical capabilities, standardise our methodologies, and provide more objective assessments to the market. It will also help Vietnamese businesses access quality capital at home and abroad, broaden their investor base, and support the creation of a more transparent and efficient capital market,” he added.
“This announcement marks a major step forward in our partnership with FiinRatings,” said Ritesh Maheshwari, managing director and head of Southeast Asia at S&P Global Ratings. “As strategic partners, we look forward to advancing our cooperation plan, including deeper analytical collaboration, training, and greater access to resources. Together, we aim to raise industry standards, improve transparency, and provide market participants with insights that will strengthen Vietnam’s capital markets, expand access to credit, and support the country’s economic growth potential.”
