Crude oil exploitation at Te Giac Trang (White Rhinoceros field). — Photo PVEP

Credit rating agency Fitch Ratings has for the first time assigned PetroVietnam Power Corporation (PV Power) a Long-Term Foreign-Currency Issuer Default Rating (IDR) of "BB" with a positive outlook.

The rating is on par with that of Viet Nam and major groups such as the Vietnam National Oil and Gas Group (PetroVietnam) and Vietnam Electricity (EVN).

PV Power is the first Vietnamese power producer and the first unit of PetroVietnam to be assigned an international credit rating.

Despite the adverse effects of the COVID-19 pandemic last year and in the opening months of 2021, PV Power still stably, safely and effectively operated its power plants and fulfilled its targets.

The total output of commercial electricity reached 19.166 billion kWh last year or 103 per cent of the plan. The company earned more than VND30.2 trillion (US$1.31 billion) in revenue and posted some VND2.87 trillion in pre-tax profit, or 107 per cent and 120 per cent of the targets, respectively. Its contribution to the State budget exceeded VND1.68 trillion, or 118 per cent of the plan.

Its pre-tax profit stood at VND720 billion in the first quarter of this year, or 106 per cent of the plan.

With this rating from Fitch, it is expected that PV Power will have a greater capacity to raise capital in the international market. — VNS