FiinGroup has announced it has entered into an agreement (“Agreement”) with S&P Global Ratings to receive technical training for its credit rating business, FiinRatings, for a fixed period during 2021.
The assistance is provided under a technical assistance project of the Asian Development Bank (“ADB”) and funded by Australia’s Department of Foreign Affairs and Trade. Under the Agreement, S&P Global Ratings is the technical training service provider in various aspects of Credit Rating Agency (“CRA”) practice and development, including analytics, compliance best-practice and commercial elements.
FiinGroup, a leading Vietnamese provider of financial information and data analytics for more than a decade, was awarded a license from the Ministry of Finance of Vietnam to operate as the second CRA in Vietnam, in March 2020. The technical assistance provided by ADB and S&P Global Ratings is an important step in the development of the new CRA.
“FiinRatings is already working closely with a number of prominent Vietnamese issuers. The technical support from ADB and S&P Global Ratings will ensure that our rating business is built with global best practices in mind from the very beginning and is critical to enhancing our capability with our local data and the Vietnamese business environment. We believe the programme will solidify our ability to bring high-quality ratings to Vietnam’s market in a way that benefits issuers and investors alike,” said Mr. Nguyen Quang Thuan, FiinGroup’s CEO.
“Credit rating agencies play a vital role in fostering the healthy growth of capital markets around the world. We are very pleased to work with ADB and FiinGroup to promote world-class credit rating standards in Vietnam and look forward to the ongoing development of credit markets here,” said Matthew Batrouney, Head of Southeast Asia & Pacific, S&P Global Ratings.
“Credit ratings fundamentally depend on trust. It can take a local CRA years to develop such trust. We are glad to support FiinRatings to access technical training from S&P Global Ratings. This will help FiinRatings to develop trust with stakeholders and ultimately accelerate the development of Viet Nam’s capital markets,” said Don Lambert, Principal Private Sector Development Specialist, ADB.
About FiinRatings and FiinGroup
FiinRatings, a brand and part of FiinGroup, was licensed by the Ministry of Finance to operate as a Credit Rating Agency for Vietnam. The license was awarded on 20 March 2020 to FiinGroup under the Decree 88/2014/ND-CP dated 26 September 2014 governing Credit Rating Agency services. FiinRatings is the second licensed CRA business in Vietnam, and we focus on credit ratings for issuers and its instruments such as bonds. Prior to expanding in credit rating services, FiinGroup is well known in Vietnam as an independent information provider in the country with financial information terminals, business information portals and market research to support foreign and local institutional investors and foreign trading partners to Vietnamese enterprises. For more information, visit https://www.fiingroup.vn/FiinRatings
About S&P Global Ratings
S&P Global Ratings is the world’s leading provider of independent credit ratings. Its ratings are essential to driving growth, providing transparency and helping educate market participants so they can make decisions with confidence. S&P Global Ratings has more than 1 million credit ratings outstanding on government, corporate, financial sector and structured finance entities and securities. It offers an independent view of the market built on a unique combination of broad perspective and local insight. S&P Global Ratings provides its opinions and research about relative credit risk; market participants gain independent information to help support the growth of transparent, liquid debt markets worldwide.
S&P Global Ratings is a division of S&P Global (NYSE: SPGI), which provides essential intelligence for individuals, companies and governments to make decisions with confidence. For more information, visit www.spglobal.com/ratings.
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