FiinRatings Upgrades F88’s Credit Rating to “BBB” with a “Stable” Outlook
On October 10, 2025, FiinRatings – a strategic partner of S&P Global – announced the upgrade of the Issuer Credit Rating (ICR) for F88 Business Joint Stock Company to “BBB”, with a “Stable” Outlook.
💠 This upgrade reflects a notable improvement in F88’s funding and liquidity profile, alongside sustained performance, solid risk management, and stable operating efficiency across rating surveillances.
FiinRatings assesses the Business position of F88 Business Joint Stock Company at an Adequate level. F88 continues to maintain its leading position in the alternative lending sector, with 889 stores nationwide as of June 30, 2025. The Company’s adjusted outstanding loans grew strongly by 20.9% compared to the end of 2024—significantly outpacing the growth of its industry peers. This performance was driven by a diversified and flexible lending product portfolio, accelerated digital disbursements, expanded partnerships with strategic partners while diversifying its revenue streams.
The Capital and Earnings are assessed at a Strong level. The debt-to-equity ratio remains low at 1.5x, well below the NBFC median of 3.0x. Net profit for the first half of 2025 reached VND 252.4 billion, up 183% year-on-year, supported by robust loan growth and effective credit cost management through an early collection strategy.
FiinRatings assesses the F88’s Risk position as Strong. This reflects F88’s continued implementation of stringent risk management policies and enhanced capabilities in managing deliquent loans, resulting in a reduction of the credit cost-to-average loan ratio to 18.6% in 1H2025. These improvements were achieved through the Company’s early collection strategy, improved payment reminder processes, and region- and product-specific policies.
FiinRatings has upgraded F88’s Funding and Liquidity assessment from “Adequate” to “Strong”. This upgrade reflects the Company’s effective diversification of funding sources, lower funding costs, and expanded cooperation with both domestic and international financial institutions. F88 also maintains a flexible liquidity management framework and prudent liquidity buffers, ensuring a stable liquidity position even under adverse market conditions.
FiinRatings initially assigned a credit rating to F88 in 2021 with a “BBB-” rating and a “Stable” Outlook and has continuously monitored and updated the company’s credit profile through regular rating surveillances.
As a strategic partner of S&P Global and a licensed credit rating agency in Vietnam, FiinRatings is committed to supporting Vietnamese enterprises in building credibility, expanding access to capitals at reasonable costs, and enhancing the transparency and sustainability of Vietnam’s capital market in line with international standards.
👉 Read more news on FiinRatings’ F88’s Credit Rating Upgrade Report:
Kinh tế Đô thị: https://thitruongtaichinh.kinhtedothi.vn/chung-khoan/f88-but-pha-loi-nhuan-quy-32025-dat-90-ke-hoach-nam-153645.htm l
Thời báo Ngân hàng: https://thoibaonganhang.vn/quy-iii-loi-nhuan-truoc-thue-cua-f88-dat-282-ty-dong-172163.html
Người lao động: https://nld.com.vn/f88-tiep-tuc-but-pha-ve-loi-nhuan-trong-quy-iii-dat-90-ke-hoach-nam-2025-1962510201154006.htm
Báo Pháp luật: https://baophapluat.vn/f88-tiep-tuc-but-pha-ve-loi-nhuan-trong-quy-iii-dat-90-ke-hoach-nam-2025.html
Thương hiệu & Sản phẩm: https://thuonghieusanpham.vn/f88-tang-toc-ngoan-muc-loi-nhuan-quy-iii-gap-doi-cung-ky-hoan-thanh-90-ke-hoach-nam-2025-84133.html
---------------------------------------------------------------
Disclaimer: Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. FiinRatings’ opinions, analyses, and rating acknowledgment decisions are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security.
👇 For more information, please refer to F88’s Credit Rating Report below
FiinRatings
Related News
