EVNNPC named stable Long-Term Foreign-Currency Issuer by Fitch Ratings
The Vietnam Electricity Northern Power Corporation (EVNNPC) has been recently assigned a Long-Term Foreign-Currency Issuer Default Rating (IDR) of ‘BB’ with a Stable Outlook by Fitch Ratings.
Hanoi (VNA) – The Vietnam Electricity Northern Power Corporation(EVNNPC) has been recently assigned a Long-Term Foreign-Currency Issuer DefaultRating (IDR) of ‘BB’ with a Stable Outlook by Fitch Ratings.
EVNNPC’s rating is based on the consolidated credit profileof Vietnam Electricity (EVN, BB/Stable), which owns 100 percent of the company,in line with Fitch's Parent and Subsidiary Linkage (PSL) Rating Criteria.
The consolidated rating approach is driven by the strongintegration of EVNNPC's credit profile with that of its parent. Fitch assessesEVNNPC's Standalone Credit Profile (SCP) at ‘BB’, the same as that of EVN andthe Vietnam sovereign rating (BB/Stable).
EVNNPC's rating is aligned with that of its parent, EVN.Under Fitch's PSL criteria there are strong linkages between the two, as EVNfully owns EVNNPC and has extensive influence over the company's business plans,profitability and financial profile.
Do Nguyet Anh, CEO of EVNNPC, said that the rating is ofgreat significance for the development as well as production and businessactivities of the corporation.
It will help the corporation’s mobilisation of investment toserve development, she added./.
The Northern Power Corporation (EVNNPC), a subsidiary of Vietnam Electricity (EVN), has reported that its commercial power output in February picked up 11.04 percent year-on-year to more than 5.15 billion kWh, despite rampant COVID-19 outbreak.
Despite the difficulties posed by extreme weather and the COVID-19 pandemic, the Northern Power Corporation (EVNNPC) enjoyed a year-on-year rise of 4.86 percent rise in commercial power production in the first half of 2020, reaching 34.5 billion kWh.
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Illustrative image (Photo: VNA) 
