Fitch Ratings upgrades PetroVietnam’s outlook to ‘positive’

Wednesday, 2021-04-14 09:39:09
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NDO/VNA - Fitch Ratings has revised the outlook for the Vietnam Oil and Gas Group (PetroVietnam) to “positive” from “stable”.

It also assessed PetroVietnam’s standalone credit profile (SCP) at “BB+” and long-term foreign-currency issuer default rating (IDR) at “BB”.

The assessments followed Fitch Ratings’ upgrade of the outlook for Vietnam, with the “BB” rating, from “stable” to “positive” earlier this month.

Like other oil and gas firms around the world, PetroVietnam encountered numerous difficulties in 2020 due to impacts of the COVID-19 pandemic and the oil price nosedive.

Facing that fact, it has carried out drastic response solutions to achieve last year’s targets.

In 2020, the group recorded VND11 trillion (US$476.3 million) in consolidated after-tax profit and VND313.3 trillion in revenue and contributed VND83 trillion to the State budget.