Credit Rating Result

Hanoi, 21 September 2026 - Vietnam Investors Service and Credit Rating Agency Joint Stock Company (VIS Rating) has assigned an A- bond rating to SIBA High-Tech Mechanical Group Joint Stock Company (SIBA Group)’s proposed VND 200 billion three-year senior unsecured bond. 
The bond rating is based on our review of the draft bond offering prospectus, terms and conditions of the bond issuance, and other relevant documents.
VIS Rating also assigned an A- long-term issuer rating to SIBA Group. The outlook for the ratings is stable. 
This is the first time VIS Rating has assigned ratings to SIBA Group.
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in this announcement is effective from the date of the announcement and remains in effect unless and until it is superseded by a subsequent rating action.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.

Rating rationale

BOND RATING
The A- rating assigned to SIBA Group’s proposed senior unsecured bond is primarily underpinned by the company’s ‘Above-Average’ standalone assessment and A- long-term issuer rating.
The bond constitutes direct, senior, and unsecured obligations of SIBA Group and will rank at least pari passu with all other present and future unsecured and unsubordinated obligations of the company.
Proceeds of the up-to-VND200 billion bond issuance will be used to fund the construction of a milk processing plant, repay trade payables, and refinance a portion of the company’s existing debt.
The bond carries a conversion feature, exercisable at the bondholder's option on the date falling two years from issuance, at a conversion price equal to 70% of the average closing price of SIBA Group's shares over the preceding 30 trading sessions. As conversion is at the bondholders' discretion and not mandatory, the bond remains a debt obligation of SIBA Group until converted or repaid at maturity, and we do not view the conversion feature as providing credit enhancement to the bond.
The company has appointed JB Securities Vietnam LLC (JBSV) to serve as the advisory service provider, registration agent, and bondholder representative, which is responsible for monitoring compliance with bond terms and notifying bondholders of any covenant breaches. 
Upon the occurrence of a violation event - such as failure to pay principal or interest when due, insolvency or bankruptcy, or cessation of a substantial part of its business operations - SIBA Group is required to redeem the bonds early at par plus accrued interest.
We do not factor in any potential external support from related entities or the government to SIBA Group in meeting its debt obligations.

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

Regulatory disclosures

For further specification of VIS Rating's Rating Symbols and Definitions, please see: here

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

Credit Rating Announcement Number