Credit Ratings of Listed Companies: Medium-rated Companies Jump 
vibforum.vcci.com.vn - 07/09/2010 11:39:53 SA -
The Credit Information Centre (CIC) of the State Bank of Vietnam (SBV) said the number of companies in all rated categories increased because more companies are listed. Notably, the average-rated companies made the largest increase while higher-rated companies saw smaller expansion. Specifically, the number of Top-rated companies climbed 46 percent, good companies rose 50.2 percent, and average companies expanded 66.7 percent. In Ho Chi Minh City Stock Exchange (HOSE), 82 out of 240 companies are rated AAA, accounting for 34.2 percent, while on the Hanoi Stock Exchange (HNX), 83 out of 299 companies are rated AAA, or 27.8 percent. Mr Nguyen Huu Cuong, Deputy Director of CIC, commented, larger companies were operating more efficiently than smaller ones. HOSE-listed companies outperformed counterparts on the HNX. Amongst total 539 companies rated (excluding credit institutions and investment funds), 149 companies had higher ratings than in 2009, with 73 on the HOSE and 76 on the HNX. 124 companies dropped the ranking, including 53 on the HOSE and 71 on the HNX. Companies rated AA to BB (Good) accounted for 66.6 percent, compared with 66.2 percent in 2009. Average-rated companies tended to climb, from nine in 2009 to 15 in 2010, partly because the number of listed companies increased dramatically (a rise of 181 enterprises). Mr. Nguyen Thanh Ky, General Secretary of the Vietnam Securities Business Association, said profits did not climb high in the first six months while EPS (earnings per share), ROA (return on assets) and ROE (return on equity) tended to worsen because companies continuously increased share capital and lending interest rates were high. With respect to industry credit ratings, rubber and paper industries (29 companies) led AAA ratings 62.1 percent while 37.9 percent were rated AA to BBB. Up to 50 percent of consumer goods companies were rated AAA while another half was ranked from AA to BBB, with 42 companies. Manufacturing industry (26 companies) bottomed the credit ratings list with only 11.5 percent of companies rated AAA while 80.8 percent graded from AA to BB. In addition, CIC also associated with its international information agency Dun & Bradstreet (D&B) to select 20 companies with outstanding indicators like credit ratings, credit relations, EPS, ROA and ROE. Such companies may include Vinamilk (VNM), Lam Son Sugar Joint Stock Company (LSS), BenTre Aquaproduct Import and Export Joint Stock Company (ABT), Binh Minh Plastics Joint Stock Company (BMP), and Hau Giang Pharmaceutical Joint Stock Company (DHG).
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