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Fitch Ratings assigns GAS “BB” rating

The Saigon Times

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HCMC – PetroVietnam Gas Joint Stock Corporation, whose GAS shares are listed on the Hochiminh Stock Exchange (HOSE), has received a “BB” rating from Fitch Ratings, with a positive outlook.

The rating is expected to help the firm win the trust of partners and banks, GAS said.

For Standalone Credit Profile, GAS was rated “bb+”. This reflects a strong market position as the sole midstream gas distributor and the first liquefied natural gas (LNG) importer in the country, as well as diversified earnings from a regulated liquefied petroleum gas (LPG) business, where it holds a 70% market share, Fitch Ratings said.

The assessment was based on GAS’s legal ringfencing, its parent company’s control over its cashflow and other assets, and its earning visibility.

Closing the trading session today, March 13, GAS maintained its winning momentum for the fourth straight session with a gain of 1.03% over the previous session to VND108,100 and reported a matching volume of 347,000 shares.

The benchmark VN-Index of the HOSE inched down 0.2 points, or 0.02% lower than the previous session, at 1,052.8, with 114 winners and 288 losers.

Trade on the southern bourse topped VND11.2 trillion with 625 million shares changing hands, increasing 22.9% in volume and 28.3% in value against the session earlier.

Over 100.5 million shares traded in block deals contributed over VND2.3 trillion to the overall value.

Bank stock VPB took the lead by liquidity today, with over 41.3 million shares changing hands.

The Hanoi exchange saw 46 stocks rising and 122 others dipping. The HNX-Index lost 2.01 points, or 0.97%, versus the previous session at 205.85, with nearly 50.6 million shares valued at VND744.8 billion traded.

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