Credit Rating Result
Hanoi, 29 May 2025 – VIS Rating has withdrawn the BBB long-term issuer rating of Ha An Real Estate Investment and Business Joint Stock Company (Ha An). Prior to the withdrawal, the rating outlook was stable.
Rating rationale
We have decided to withdraw the rating following the mutual agreement between Ha An and VIS Rating to stop the rating service on 29 May 2025.
Prior to this rating withdrawal, we maintained Ha An’s long-term issuer rating at BBB. The BBB rating reflected VIS Rating’s view of Ha An’s well-established market position and competitive strengths in the residential real estate development industry. It also incorporates our expectation that Ha An’s leverage and liquidity risks will be well-managed after completing its equity capital raising in April 2025. In addition, operating cash flow will remain its key challenge, primarily driven by the need for capital expenditures to develop new projects.
Ha An is the real estate development arm of Dat Xanh Group Joint Stock Company (DXG). Since 2019, DXG has contributed equity capital and transferred its residential projects to Ha An for development and commercialization.
Factors That Could Lead to an Upgrade/Downgrade
Rating methodology
Non-Financial Corporates Rating Methodology.
For more detailed information, please refer to our full credit rating methodology at: here
Credit rating history
| Date | Rating type | Rating | Outlook | Action |
|---|---|---|---|---|
| 29 May 2025 | Long-term issuer credit rating | WR | - | Rating withdraw |
| 29 May 2025 | Long-term issuer credit rating | A- | Stable | First-time assignment |
Regulatory disclosures
For further specification of VIS Rating's Rating Symbols and Definitions, please see: here
Ha An’s ownership stake in VIS Rating: 0%
The ownership ratio of Ha An held by VIS Rating’s staff: 0%
Cases in which analysts and credit rating council members cease their participation in the credit rating contract before the contract expires and the reason for the cessation: 0
VIS Rating adheres to a stringent independence policy by current regulations governing the provision of credit rating services in Vietnam. This commitment extends to compliance with our conflicts-of-interest policy, aiming to uphold objectivity and independence when expressing opinions on credit ratings.
The rating has been disclosed to the rated entity or its designated agent(s) and issued with no amendment resulting from that disclosure.
This rating is solicited.
Regulatory disclosures contained in this rating announcement apply to the credit rating and, if applicable, the related rating outlook or rating review.
Please see https://visrating.com for any updates on changes to the lead rating analyst and to the VIS Rating's legal entity that has issued the rating.
Please see the rating tab on the issuer/entity page on https://visrating.com for additional regulatory disclosures for each credit rating.
Analyst & Committee
Primary Analysts
Rating Committee Members
Credit Rating Announcement Number
Public credit rating announcement no: VN3702642596-002-290525
Disclaimer
VIS Rating’s credit ratings, assessments, other opinions, and publications are not intended for use by non-professional investors and it would be reckless and inappropriate for non-professional investors to use VIS Rating’s credit ratings, assessments, other opinions or publications when making an investment decision. If in doubt you should contact your financial or other professional adviser.