FiinRatings affirms BBB-/ Stable issuer rating of F88 Business Joint Stock Company

22 June 2022 - 06:09 PM Alternate Text


Hanoi, 21 June 2022

FiinRatings affirms BBB-/ Stable issuer rating of F88 Business Joint Stock Company. The affirmation on F88 Business Joint Stock Company (“F88”) reflects our opinion that the business plan of the Company has been well executed, despite adverse economic conditions due to the outbreak of Covid-19. F88 has consistently delivered its business expansion plan and reaffirmed its business position, while gradually diversifying its revenue sources by boosting its insurance distribution business.

The company’s key indicators for Capital, Earnings and Asset Quality remain in line with our previous projection, outperforming its closest peers and several NBFCs in terms of profitability, non-performing loan ratios and charge-off ratios. Funding ability of F88 has been improving with longer-term fundings from foreign lending sources as well as the Company’s partnership with CIMB. We also assess that the credit outlook for the overall financial sector in Vietnam will remain stable thanks to government’s strengthening supervision, increasingly prudent regulatory framework for the whole sector, and our expectation of an improving post-pandemic economic recovery.

Details of the rating announcement are HERE

FiinRatings, a brand and part of FiinGroup, is licensed by the Ministry of Finance to operate as a Credit Rating Agency (“CRA”) for Vietnam on 20 March 2020. With continuous effort to improve expertise and credit rating methodologies, on 24 May 2021, FiinRatings received Technical Assistance from S&P Global Ratings and ADB. On March 10th, 2022, FiinGroup has been officially approved by the Climate Bonds Initiative (CBI) as the first authorized company in Vietnam to verify green bonds issued by Vietnamese businesses when participating in CBI's program.

FiinRatings maintains a strict, independent policy to meet current regulations in providing credit rating services in Vietnam as well as to comply with our conflicts-of-interest policy and to ensure the objectivity and independence in giving opinion on our credit ratings. Visit us for more information.

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