Aqua One Water Corporation
About the Issuer
Established in 2015, AQUAONE is one of Vietnam's largest water supply companies, specializing in surface water treatment plants (WTPs). The company operates two major plants-Duong WTP (Duong River Surface Water Plant Joint Stock Company) in Hanoi (since 2018) and Phu Yen WTP (Phu Yen Water Supply and Sewerage werage Joint Stock Company) in Dak Lak province (since 2019)-with a combined capacity capacity of 350,000 cubic meters (cbm) per day, ranking among the top 10 nationwide in water treatment capacity. In addition, AQUAONE manages water distribution networks serving retail
customers across multiple areas of Hanoi.
Rating Results
Credit Opinion
The company maintains steady improvement in its operating cash flow to fund its expansion plans, leading to improvements in debt leverage and coverage ratios
(1) there is a significant deterioration in cash sources, weakening the company’s liquidity; and/or
(2) the company fails to implement its business plans, leading to significant deterioration in leverage and coverage metrics; and/or
(3) the holdco is unable to direct liquidity resources from subsidiaries to meet its obligations
(1) Strong business profile in water and waste management sector
(2) Stable demand with high entry barriers
(3) Above-average profitability
Below-average leverage and debt coverage driven by debt-funded CAPEX
Issuer analysis reports
Rating Results
Second Party Opinion
List of Second Party Opinions (SPO) published by VIS Rating for Unlisted.
VIS Rating has not issued a Second Party Opinion for this company
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