VIETNAM: FMA and CR preparation for selected EVN Power Corporations

Following the successful Bank support for EVN and EVNNPT credit rating, this activity focused on credit rating preparatory support for the five Power Distribution Companies (PC) owned by EVN. This work is a key part of continuing the agenda to maximize finance for energy development in Vietnam, which includes supporting SOEs to get access to commercial finance without government support. Technical assistance was provided to PCs to understand the requirements for getting a positive rating, support the PCs in getting ready for a rating exercise, conduct a shadow credit rating and help PCs for credit rating execution once the official credit rating agency has been engaged. As a conclusion of the preparatory work, the Fitch Ratings agency was retained by EVN to provide independent assessment for all five PCs, which all subsequently achieved their first international credit rating (BB).