Rating On Vietnam Shipbuilding suspended

JAKARTA: As a result of the public disclosure on Dec. 2, 2010, by Debtwire that Standard & Poor's Ratings Services had a B rating on Vietnam Shipbuilding Industry Group (Vinashin), Standard & Poor's states that it does not maintain a public rating on
Wandrik Panca Adiguna | 08 Desember 2010 09:08 WIB

JAKARTA: As a result of the public disclosure on Dec. 2, 2010, by Debtwire that Standard & Poor's Ratings Services had a B rating on Vietnam Shipbuilding Industry Group (Vinashin), Standard & Poor's states that it does not maintain a public rating on Vinashin. However, Standard & Poor's had suspended its confidential solicited rating on Vinashin on October 18, 2010, due to the lack of information regarding the company's liquidity position and restructuring plans, and due to our concerns on the accuracy, timeliness and completeness of Vinashin's financial statements. "Based on recent information made available to us that we believe to be reliable, we believe there is a high level of uncertainty regarding Vinashin's ability to meet the principal payment on its foreign currency bank loan when due in the next two weeks." S&P has concluded this to mean that the Vietnamese government expects creditors to lend to its government-related entities (GREs) on the basis of their stand-alone credit quality, without an expectation of timely extraordinary government support. This changed view of extraordinary government support for Vietnam's GREs also precipitated our Dec. 5, 2010, downgrade on Vietnam National Coal and Minerals Industries Holding Corp Ltd (Vinacomin; BB-/Stable/--), where S&P revised our view of extraordinary government support to low from extremely high. (wiw)

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