FiinRatings reaffirms BBB-/Stable issuer rating of F88 Business Joint Stock Company
Hanoi, 08 November 2022, Our affirmation of F88’s credit rating at BBB- in our latest surveillance is based on the Company’s on-track business growth, more diversified income streams, adequate earnings, and stable asset quality.
Hanoi, 08 November 2022
Our affirmation of F88’s credit rating at BBB- in our latest surveillance is based on the Company’s on-track business growth, more diversified income streams, adequate earnings, and stable asset quality. The Stable outlook on F88’s credit rating reflects our expectation that the Company will maintain its leading position in the Alternative Lender sector by growing its loan book and store network despite certain challenges in the current environment. Our rating also factors in the expectation of additional equity capital to fund the Company’s expansion.
We will closely monitor and consider the factors that we believe can have significant impact on the company’s business and financial position, including:
- Debt and equity issuance to fund the expansion of the business.
- The execution capability to maintain a healthy growth of the loan book while keeping the credit cost ratio and recovery ratio under control.
- The ability to diversify income sources to lower the dependence on lending activities, especially the selling of standalone insurance policies.
- The ability to effectively manage costs of services and other expenses at the store level and reduce the breakeven time of a new store.
- The ability to adapt to worsening conditions in the capital market and macroeconomic environment.
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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