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Bulletin: Vietnam National Coal and Minerals Industries Holding Corp. Ltd. Rating Not Affected By Sovereign Rating Action Aug 11
Standard & Poors, Aug 2011
Abstract
SINGAPORE (Standard & Poor's) Aug. 22, 2011--Standard & Poor's Ratings Services said today the recent local currency rating downgrade on the government of Vietnam (foreign currency BB-/Negative/B; local currency BB-/Negative/B; axBB/axB) does not affect the corporate credit rating on Vietnam National Coal and Minerals Industries Holding Corp. Ltd. (Vinacomin; BB-/Negative/--). This is because the rating on Vinacomin reflects the company's stand-alone credit profile of 'bb-' and does not benefit from any uplift from the government based on our assessment of a 'low' likelihood of extraordinary government support. The rating and outlook on Vinacomin, however, remain strongly influenced by the sovereign rating and outlook on Vietnam. In our view, the company is sensitive to government intervention and Vietnam's sovereign risks. RELATED...
Companies mentioned in this report are: Vietnam National Coal and Minerals Industries Holding Corp. Ltd.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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