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FiinRatings announced the first credit rating for TPS at “BBB-” with a “Stable” rating outlook 

 Thursday, October 26,2023

AsemconnectVietnam - On October 6, 2023, Tien Phong Securities Joint Stock Company (TPS - stock code ORS) announced the results of its first credit rating by FiinRatings at "BBB-" with "Stable Outlook".

TPS's first Domestic Credit Rating Report was conducted by FiinRatings - one of the pioneering domestic credit rating units in Vietnam licensed by the Ministry of Finance, supported by the Asian Development Bank (ADB) and technical partner of S&P Global Ratings. The “Stable” rating outlook for TPS reflects FiinRatings' expectation that TPS will continue to benefit from its relatively important strategic role in the ecosystem of one of the major commercial banks in Vietnam, Tien Phong Commercial Joint Stock Bank (TPBank) in the medium term.
TPS is also expected to maintain its position in the market as one of the leading securities companies in investment banking operations. In addition, TPS's ability to mobilize capital is assessed at an appropriate level, continuing to play an important role in stabilizing the Company's liquidity position.
Up to now, TPS is one of the first securities companies to participate in evaluating and announcing credit rating results. The publication of credit rating results demonstrates TPS's effort to make information transparent to investors about the Company's operations, while complying with legal regulations and showing determination to build professional practices in the capital market in general and the bond market in particular.
It can be said that credit rating is a stepping stone marking the process of expanding the Company's business activities. TPS plans to continue diversifying operations based on brand advantages and existing platforms, improving customer service and bringing profits to shareholders, developing based on three main pillars: investment banking, stock brokerage and self-trading.
Credit ratings have become an important source of comparative information with reference value to help investors, partners and customers exploit potential and effectively manage credit risks when doing business cooperation. TPS's credit rating results are comprehensively evaluated by FiinRatings based on many factors such as business position, financial capacity, management efficiency, risk position, ability to mobilize capital and liquidity position in the next 12 - 24 months as well as placed in the context of macroeconomic prospects and stock market prospects. Long-term credit rating assessment results First-time issuer with "Stable" outlook supports TPS to continue building reputation, brand, image in the market while expanding investment capital mobilization channels for a strong development strategy in the future.
According to FiinRatings, the BBB- credit rating reflects FiinRatings' assessment of TPS's ability to meet loan obligations at a "relatively good" level according to the domestic credit rating scale published here. Proactively announcing credit ratings helps businesses have an advantage in negotiations and optimize capital mobilization plans for projects through capital market channels including corporate bonds in addition to bank loans.
Compared to international credit ratings, domestic credit ratings help investors classify credit quality more specifically and clearly among Vietnamese businesses, and are used by many domestic and foreign financial institutions. Used as a reference for investment activities, risk management and interest rate determination. This comes from the fact that the domestic credit rating scale has a wider range of scores from the highest level AAA (usually the Government bond rating) to the lowest level C and is not limited by the national rating ceiling.
Source: VITIC/Tinnhanhchungkhoan


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