Fitch Ratings has revised the outlook for the Vietnam Oil and Gas Group (PetroVietnam) to “positive” from “stable”.
An oil rig of PetroVietnam (Photo: VNA)– Fitch Ratings has revised the
outlook for the Vietnam Oil and Gas Group (PetroVietnam) to “positive” from “stable”.
It also assessed PetroVietnam’s standalone credit profile (SCP) at “BB+” and long-term foreign-currency issuer default rating
(IDR) at “BB”.
The assessments
followed Fitch Ratings’ upgrade of the outlook for Vietnam, with the “BB”
rating, from “stable” to “positive” earlier this month.
Like other oil and
gas firms around the world, PetroVietnam encountered numerous difficulties in
2020 due to impacts of the COVID-19 pandemic and the oil price nosedive.
Facing that fact,
it has carried out drastic response solutions to achieve last year’s targets.
In 2020, the
group recorded 11 trillion VND (476.3 million USD)
in consolidated after-tax profit and 313.3 trillion VND in revenue and
contributed 83 trillion VND to the State budget./.