BizLIVE - EVN's ratings reflect its Standalone Credit Profile (SCP), which is at the same level as the Vietnam sovereign rating. 
Fitch Revises Outlooks on Vietnam's PVN, EVN and Six EVN Subsidiaries to Positive; Affirms 'BB' IDRs
Fitch Ratings has revised the Outlooks on Vietnam Oil and Gas Group (PVN), Vietnam Electricity (EVN) and six rated EVN subsidiaries to Positive from Stable, and affirmed the Long-Term Issuer Default Ratings (IDRs) at 'BB'. The rating action follows the revision of the Outlook on Vietnam's 'BB' sovereign rating to Positive from Stable on 1 April 2021.
The six EVN subsidiaries are National Power Transmission Corporation (EVNNPT), Southern Power Corporation (EVNSPC), Hanoi Power Corporation (EVNHANOI), Ho Chi Minh City Power Corporation (EVNHCMC), Vietnam Electricity Northern Power Corporation (EVNNPC) and Vietnam Electricity Central Power Corporation (EVNCPC).
Fitch has also affirmed the senior unsecured ratings of PVN, EVN and EVNNPT at 'BB'.
EVN's ratings reflect its Standalone Credit Profile (SCP), which is at the same level as the Vietnam sovereign rating. Under Fitch's Government-Related Entities (GRE) Rating Criteria, EVN's ratings will be equalised to that of the sovereign in case of any weakening in the SCP because of the company's strong linkages with the state.
PVN's ratings are capped by those of the sovereign under the GRE criteria given the company's strong linkages with the state. PVN's SCP is assessed as 'bb+'.
EVNNPT's ratings are based on the consolidated profile of EVN, which wholly owns EVNNPT, in line with Fitch's Parent and Subsidiary Linkage (PSL) Rating Criteria. The consolidated rating approach is driven by strong linkages between EVNNPT and its parent. EVNNPT's SCP is assessed as 'bb+'.
Ratings of five power corporations (PCs) - EVNHANOI, EVNHCMC, EVNSPC, EVNNPC and EVNCPC - are based on the consolidated credit profile of EVN, which wholly owns these PCs, in line with Fitch's PSL criteria. The consolidated rating approach is driven by the strong integration of these PCs' credit profile with that of its parent. Fitch assesses all the PCs' SCP as 'bb', the same as that of EVN.

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