|Fitch Ratings has assigned Vietnam’s National Power Transmission Corporation (EVNNPT) a long-term foreign-currency issuer default rating (IDR) of 'BB'.
The agency has also assigned EVNNPT a senior unsecured rating of 'BB'.
EVNNPT's ratings are based on the consolidated profile of Vietnam Electricity (EVN, BB/Stable, standalone credit profile: BB), which owns 100 percent of EVNNPT, in line with Fitch's parent and subsidiary rating linkage criteria. The consolidated rating approach is driven by strong linkages between EVNNPT and its parent company.
Fitch assesses EVNNPT's standalone credit profile at 'BB ', stronger than EVN's IDR. EVNNPT's standalone credit profile is supported by its monopoly of Vietnam's electricity transmission sector, pooled counterparty risk and strong receivable position. The company relies on multiple counterparties, which are the five distribution companies under EVN, and enjoys strong receivables.