November 22, 2012 / 10:37 AM / 5 years ago

TEXT-S&P lowers Vinacomin rating to 'B+';outlook stable

(The following statement was released by the rating agency)

Nov 22 -


-- Vinacomin’s financial risk profile is weakening due to the company’s large capital spending and the declining profitability of its coal operations.

-- We are lowering our long-term corporate credit rating on the Vietnam-based mining company to ‘B+’ from ‘BB-’ and the stand-alone credit profile to ‘b+’ from ‘bb-'.

-- We are also affirming our ‘axBB’ long-term ASEAN regional scale rating on Vinacomin.

-- The stable outlook reflects our expectation that Vinacomin’s financial risk profile will stabilize at weaker levels over the next two years.

Rating Action

On Nov. 22, 2012, Standard & Poor’s Ratings Services lowered its long-term corporate credit rating on Vietnam-based Vietnam National Coal and Mineral Industries Holding Corp. Ltd. (Vinacomin) to ‘B+’ from ‘BB-'. The outlook is stable. At the same time, we affirmed the ‘axBB’ long-term ASEAN regional scale rating on the company.

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