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Rating Action:

Moody's downgrades Vinacomin to B3; outlook stable

06 Apr 2016

Singapore, April 06, 2016 -- Moody's Investors Service has downgraded the corporate family rating (CFR) of Vinacomin Holding Corporation Limited to B3 from B2.

The rating outlook is stable.

This rating action concludes the review initiated on 22 January 2016, when Moody's placed the B2 CFR on review for downgrade, reflecting its effort to recalibrate ratings in the mining portfolio to align with the fundamental shift in the credit conditions of the global mining sector.

List of affected ratings:

Downgrades:

..Issuer: Vinacomin Holding Corporation Limited

.... Corporate Family Rating, Downgraded to B3 from B2

Outlook Actions:

..Issuer: Vinacomin Holding Corporation Limited

....Outlook, Changed to Stable From Ratings on Review for Downgrade

RATINGS RATIONALE

"The downgrade to B3 reflects Vinacomin's ongoing dependence on debt-funded capital expenditures, which raised its leverage to around 5.0x at the end of 2015 and will drive a further increase in leverage during 2016," says Brian Grieser, a Moody's Vice President and Senior Analyst.

The B3 rating recognizes key challenges such as (1) Vinacomin's large debt-funded capex program; (2) the standard, quality and timeliness of its consolidated reporting; (3) its relatively high leverage; (4) its dependence on short-term bank funding; and (5) the limited degree of clarity regarding long-term shareholder intentions and strategic direction, further compounded by its complex group structure.

Viancomin is 100%-owned by the government of Vietnam (B1 stable). The company's B3 rating reflects its strategic importance in managing and developing the country's coal and mineral reserves, as well as its importance to the development of the power sector, in particular supplying coal-fired thermal power plants, given its dominant position in coal mining.

However, Moody's believes that the government of Vietnam is unlikely to provide more than selective and partial support in a distressed situation, and Vinacomin's rating therefore does not include any uplift for expected government support.

The rating incorporates the positive effect of Vinacomin's transition from a net coal exporter to primarily domestic sales. Coal sales to state-owned power producers are expected to account for the majority of sales in 2016, given the substantial growth in coal-fired power generation in Vietnam.

Moody's believes margins on domestic sales to be more stable than on export sales, given the control exercised by the government over Vinacomin and the power sector. The domestic sales concentration provides shelter from international coal prices, which have persistently weakened over the last few years, and positions Vinacomin well relative to other southeast Asian single commodity coal producers.

The stable outlook reflects Moody's expectation that Vinacomin's operational shift to the domestic coal market, primarily for power generation, will support stable operating margins, as demand will be steady and pricing consistent over the next two years. The stable operating environment, coupled with Vinacomin's proven access to state-owned banks, balance the risk that accompany the expected rise in leverage and high dependence on short-term debt.

Upward ratings pressure could arise if Moody's concerns over the quality of the company's consolidated financial reporting ease, and clarity regarding its role in national development is forthcoming. Leverage maintained below 4.5x would also be supportive of upward ratings pressure.

Downward pressure on the rating could emerge if (1) the quality and timeliness of Vinacomin's financial reporting deteriorate; or (2) Vinacomin takes on further projects, or expands existing development projects, such that adjusted debt/EBITDA approaches 6.0x, or EBIT/interest expenses remains below 1.5x for an extended period; or (3) there is evidence that Vinacomin is facing difficulties in raising the funds required to sustain its current business plan.

The principal methodology used in this rating was Global Mining Industry published in August 2014. Please see the Ratings Methodologies page on www.moodys.com for a copy of this methodology.

Vinacomin Holding Corporation Limited, 100% owned by the Government of Vietnam, is the largest coal producer in Vietnam producing between 35-40mt tons of coal annually. The company is also engaged in power generation, mineral exploration and smelting, and other operations related to its core coal and minerals business.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Brian Grieser
Vice President - Senior Analyst
Corporate Finance Group
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Laura Acres
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Moody's downgrades Vinacomin to B3; outlook stable
No Related Data.
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