Research Update: Vietnam 'BB-' FC Rating Affirmed; LC Rating Lowered To 'BB-' From 'BB' On Revised Methodology; Outlook Negative Aug 11

Standard & Poors, August 2011

Abstract
Standard & Poor's recently revised its methodology and assumptions for rating sovereign governments. Consequently, we are lowering the local currency long-term rating on Vietnam to 'BB-' from 'BB'. In line with this, we are lowering our ASEAN regional scale long-term rating to 'axBB' from 'axBB+'. We are also affirming our foreign currency sovereign credit rating on Vietnam at 'BB-/B', the short-term issuer credit rating at 'B' and our short-term ASEAN scale rating at 'axB'. The negative outlook on the ratings reflects our view that Vietnam faces risks of near-term economic and financial instability. On Aug. 19, 2011, Standard & Poor's Ratings Services lowered its local currency long-term sovereign credit rating on the Socialist Republic of Vietnam to 'BB-' from 'BB',...

Companies mentioned in this report are: Socialist Republic of Vietnam
Action: Affirmed
Action: Downgraded
Action: Outlook: Negative

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.

Product Type: Research Update
Research updates complement media releases. They offer more depth and detail than summary analyses by incorporating all information published in the media release. They are more up to date than summaries in that they are published simultaneously with media releases.

Socialist Republic of Vietnam

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