Vietnam Container Shipping Joint Stock Corporation
About the Issuer
Rating Results
Credit Opinion
VSC’s A issuer rating could be upgraded if VSC materially strengthens profitability and business diversification in its core businesses, reduces borrowings, and maintains a track record of stronger credit metrics. Upgrade triggers include, for example, EBIT/interest exceeding 4.5x and CFO/Debt exceeding 25%.
VSC’s A issuer rating could be downgraded if (1) VSC’s profitability weakens because of lower-than-expected throughput or intensified price competition, (2) the company fails to execute its planned equity fundraising and relies more heavily on debt to fund its expansion plan, and/or (3) the company engages in sizable equity investment or trading activity, resulting in greater exposure to market risks. These could lead to a material increase in leverage and weaker cash flow coverage metrics. Key downgrade triggers include Debt/EBITDA sustained above 4.4x or CFO/Debt falling below 8.0%.
Issuer analysis reports
Rating Results
Second Party Opinion
List of Second Party Opinions (SPO) published by VIS Rating for VSC.
VIS Rating has not issued a Second Party Opinion for this company
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