S&P Global Ratings provides technical assistance on credit ratings to Vietnam’s FiinGroup
Vietnam’s FiinGroup announced that, the company has entered into an agreement with S&P Global Ratings.
S&P Global Ratings will be the technical training service provider in various aspects of Credit Rating Agency practice and development, including analytics, compliance best-practice and commercial elements.
“This will help FiinRatings to develop trust with stakeholders and ultimately accelerate the development of Viet Nam’s capital markets”.
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FiinGroup, a leading provider of financial information and data analytics in Vietnam has announced it has entered into an 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 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 program 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.