This rating methodology explains RatingPlus’ approach to assessing credit risk of non-financial corporates in Vietnam. This methodology is intended as a general guidance to help companies, investors and other market participants to understand how RatingPlus looks at quantitative and qualitative factors significant in explaining rating outcomes in this sector.

The methodology is driven by a scorecard, a simple representation of the relevant data and how it is combined. The scorecard is used by the RatingPlus’ analysts and by the Rating Committee to assess the creditworthiness of a non-financial corporate issuer in Vietnam. However, the scorecard is just a reflection of a framework (and not a model) and thus cannot and does not incorporate or consider every rating consideration. This is especially true for the more qualitative factor scores that are denominated as adjustment factors to the qualitative factor scores. The weights for the factor scores and qualitative adjustments shown in this document are for reference only and their importance may vary substantially.

In addition, ratings are forward-looking opinions about an issuers’ future capacity and willingness to honour its obligations to creditors, but the scorecard uses historical data. As a result, the assigned rating may deviate from the scorecard-indicated rating range in such cases, where a rating committee deems this to be appropriate.

This methodology is used to assess the creditworthiness of non-financial corporate issuers in Vietnam.

Overall Rating Model










Extremely Strong

Very Strong



Less Venerable but vulnerable to adverse circumstance

More Venerable, subject to major ongoing uncertainties

Currently Vulnerable

Currently highly Vulnerable

Bankruptcy Filling (or similar)

Recovery Rating Description of Recovery Recovery Range Issue Rating Notches
1+ Highest expectation, full recovery 100% +3
1 Very high recovery 90 - 100% +2
2 Substantial recovery 70 - 90% +1
3 Meaningful recovery 50 - 70% 0
4 Average recovery 30 - 50% 0
5 Modest recovery 10 - 30% -1
6 Negligible recovery 0 - 10% -2
FiinRating Result in comparison with other international institutions

Investment, Credit

  • + Low Risk
  • + Low Return
  • + Low Fees
FiinRating Moody's S&P Fitch
Aa+ Aa1 AA+ AA+
Aa Aa2 AA AA
Aa- Aa3 AA- AA-
A+ A1 A+ A+
A A2 A A
A- A3 A- A-
Baa+ Baa1 BBB+ BBB+
Baa Baa2 BBB BBB
Baa- Baa3 BBB- BBB-

Investment, Credit

  • + Low Risk
  • + Low Return
  • + Low Fees
Ba+ Ba1 BB+ BB+
Ba Ba2 BB BB
Ba- Ba3 BB- BB-
B+ B1 B+ B+
B B2 B B
B- B3 B- B-
Caa+ Caa1 CCC+ CCC+
Caa Caa2 CCC CCC
Caa- Caa3 CCC- CCC-
Ca Ca D D

Learn more about FiinRating Methodology  here.

Learn more about Rating Symbols and Definitions  here.