Bamboo Capital no longer uses FiinRatings' credit ratings services
Bamboo Capital Group (BCG) and FiinRatings, a division of FiinGroup specializing in credit rating services, have jointly announced their rating contract had expired.
The announcement is under Vietnamese law. In this case, BCG no longer needs this service from the rating firm, therefore FiinRatings is responsible for disclosing such information.
However, unclear details provided by the service provider have led to some inaccurate negative understanding of BCG's financial conditions, causing investors to be concerned.
Therefore, FiinRatings and BCG must issue a joint announcement to make clear that BCG no longer needs the service from the provider, and that the termination of the contract does not mean a change to BCG's credit rating or financial health.
FiinRatings is one of the first domestic credit rating agencies licensed by the Vietnamese Ministry of Finance and the first to provide public credit rating services in Vietnam.
A Bamboo Capital Group office in Ho Chi Minh City, southern Vietnam. Photo courtesy of the corporation.
In May 2021, in order to make information transparent, although it was not required by law at that time, BCG voluntarily and actively used the service of FiinRatings to assess the credit rating of BCG. As a result, in August 2021, FiinRatings rated BCG as "BB" with a positive outlook. In June 2022, BCG retained the "BB" level with a stable long-term outlook.
The above assessments are based on the following main points: BCG has succeeded in reducing leverage to 2.7 times from 3.5 times at the end of 2021; at present, BCG's leverage ratio is only 2.1 times. The second important point is that the renewable energy segment is contributing more and more actively to BCG's revenue and still has room for strong growth.
In addition, BCG also owns diverse and high-end real estate projects located in "prime" locations, which will help BCG maintain its revenue in the period of 2022 - 2024. The credit ratings of FiinRatings with BCG in the past are still valid and are a reputable, reliable information channel for investors to refer to for their investment decisions.
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