Hanoi, Vietnam, Jan. 23 -- Viet Nam's current BB+ rating for unsecured foreign-currency long-term debt.
The upgrade follows Fitch's assessment under its new Sovereign Rating Criteria, introduced in September 2025. According to Fitch, the decision reflects expectations of higher recovery prospects for sovereign-issued secured bonds, supported by additional recoverable value from guarantees or collateral.
In Viet Nam's case, the upgrade applies to the 30-year Brady Bonds issued in 1998, whose principal is partially or fully backed by zero-coupon U.S. Treasury bonds.
Fitch emphasized that the move does not affect Viet Nam's overall sovereign credit rating, which remains at BB+ with a stable outlook, most recently affirmed in June 2025.
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