Credit Rating Result
Hanoi, 24 June 2026 - Vietnam Investors Service and Credit Rating Agency Joint Stock Company (VIS Rating) has assigned a BB- bond rating to Starbay Hanoi Investment Company Limited (short name: Starbay HN)’s proposed three-year VND2,780 billion senior secured bonds. The rating outlook is stable.
The bond rating is based on our review of the draft bond offering prospectus, terms and conditions of the bond issuance, other relevant documents, and the approved bond issuance plan. Starbay HN intends to use the bond proceeds to repay its existing short-term debt obligations.
The rating presented in this announcement is effective from the date of the announcement and remains in effect unless and until it is superseded by a subsequent rating action. Please visit https://visrating.com/rating-results to obtain the latest update on the rating.
SUMMARY OF KEY FACTORS
| Extremely Weak | Very Weak | Weak | Below- Average | Average | Above- Average | Strong | Very Strong | |
|---|---|---|---|---|---|---|---|---|
| Stand-alone Assessment | ▲ | |||||||
| Scale | ▲ | |||||||
| Business Profile | ▲ | |||||||
| Profitability & Efficiency | ▲ | |||||||
| Leverage & Coverage | ▲ |
| Other consideration | Negative | Stable | Positive |
|---|---|---|---|
| Liquidity | ▲ |
| Low | Moderate | High | Very High | Extremely High | |
|---|---|---|---|---|---|
| Affiliate support | ▲ | ||||
| Government support | ▲ |
Rating rationale
The BB- senior secured bond rating is underpinned by Starbay HN’s ‘Below-Average’ standalone assessment and BB- long-term issuer rating.
The senior secured bond constitutes direct, senior and secured obligations of Starbay HN, and will rank pari passu with other senior secured obligations of Starbay HN. The senior secured bond rating is aligned with the BB- issuer rating, as the bond will represent the preponderance of secured debt in Starbay HN’s capital structure upon issuance.
Proceeds of the proposed three-year VND2,780 billion senior secured bond (bond code: STA12601) will be used to repay its existing short-term debt obligations, thereby extending the company’s debt maturity profile. Starbay HN intends to issue the bond in June 2026.
The bond is secured by two collaterals, including (1) 125 million ordinary shares in Phu Quoc Tourism Joint Stock Company, owned by Bien Dong Investment and Management Consulting LLC; and (2) rights related to three land plots at the Grand World Phu Quoc project owned by Phu Quoc Tourism Joint Stock Company. Within 30 days of issuance, the pledged shares will be replaced by rights arising from four additional land plots within the same project.
The Company has appointed VPBank Securities Joint Stock Company (VPBankS) to serve as the advisory service provider, bondholder representative, and collateral management agent. VPBankS is responsible for monitoring Starbay HN’s compliance with the terms and conditions of the bonds, notifying bondholders of any breach of the bond terms and conditions and coordinating bondholders in collateral liquidation.
We note that recoveries from collateral liquidation in the event of default depend on the market valuation of the pledged shares or land plots, which may be affected by investor sentiment, protracted negotiations, and legal delays.
According to management, Starbay HN intends to meet its bond obligations through operating cash flow from its subsidiaries and the collection of principal and shared profit from the BCC investment in the Grand World Phu Quoc project.
Starbay HN is required to maintain a maximum loan-to-value ratio of 65% throughout the bond tenor, and to restore compliance by topping up collateral or repurchasing bonds if breached.
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 | Bond code | Maturity | Outlook | Action |
|---|---|---|---|---|---|---|
| 24 June 2026 | Senior secured debt rating | BB- | STA12601 | 3 years | Stable | First-time assignment |
Regulatory disclosures
For further specification of VIS Rating's Rating Symbols and Definitions, please see: here
StarBay HN’s ownership stake in VIS Rating: 0%
The ownership ratio of StarBay HN 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: VN0108338732-002-240626
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.