Tiếng Việt
OverviewFiinRatings Assigns “AAA” credit rating for Bond BP112501 issued by Binh Thuan Plastic Group Joint Stock Company (“BPG”)
On December 5, 2025, FiinRatings – a strategic partner of S&P Global – assigns a “AAA” rating to the domestic currency bond BP112501 issued byBinh Thuan Plastic Group Joint Stock Company (“BPG”).
According to the assessment, BPG is assigned an Issuer Credit Rating of “BBB-”witha “Stable” rating outlook. Bond BP112501 is assigned the highest rating of “AAA”, reflecting the full, unconditional, and irrevocable payment guarantee provided by GuarantCo, which is rated A1 by Moody’s and AA- by Fitch Ratings on a global scale.
The “AAA” rating reflects FiinRatings’ assessment of the strong creditworthiness of GuarantCo, a member of the Private Infrastructure Development Group (PIDG), whose capital base is supported by sponsor governments including the United Kingdom, Australia, Sweden, the Netherlands, Canada, and France. Its comprehensive payment guarantee results in a 9-notch uplift from BPG’s Issuer Credit Rating of “BBB-”, thereby providing a high level of protection for bondholders throughout the bond term.
Bond BP112501 has a total issuance value of VND 260 billion, a 7-year tenor,anda 5.85% annual coupon rate. The proceeds are intended for investments in BPG’s Ecoland Hung Yen plastic manufacturing facility and the recycled plastic pallet project of its subsidiary, BPG Retail. Under the guaranteed mechanism, GuarantCo ensures the full and timely payment of principal, interest, and accrued interest in accordance with the repayment schedule, even if BPG becomes insolvent or bankrupt. The guarantee is unconditional and irrevocable.
GuarantCo also maintains a high-quality and highly liquid investment portfolio, with significant allocations to cash, cash equivalents, and bond investments managed by global institutions such as UBS and Fidelity. As of December 31, 2024, its total guaranteed commitments reached USD 1,024 million, with Vietnam accounting for 19.4% of the portfolio. These factors support GuarantCo’s capacity to fulfill its obligations under the guarantee for Bond BP112501.
FiinRatings assesses that GuarantCo’s guarantee is the key factor mitigating the credit risk of this bond. This is the third bond rated “AAA” by FiinRatings based on guaranteed mechanisms provided by reputable development finance institutions such as GuarantCo and CGIF.
The combination of international guaranteed mechanisms and domestic credit rating practices enhances the transparency of credit risk across debt instruments and enables issuers to access long-term capital under more favorable conditions. Independently produced and consistently applied credit assessments support investor decision-making and contribute to a more transparent and sustainable corporate bond market.
As part of this process, FiinRatings remains committed to serving as a reliable information bridge, helping strengthen market confidence and supporting the stable development of Vietnam’s capital market.
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Disclaimer: Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. FiinRatings’ opinions, analyses, and rating acknowledgment decisions are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security.
👉 Full rating reports are available at the links below:
