Rating Process

  • The credit rating process typically starts when FiinRatings receives a request from a Corporate Issuer (rating request). After carrying out the appraisal, evaluation, analysis by the rating analysts; approval of a credit rating by the rating committee and notification to the issuer, FiinRatings will be made public for the first-time rating and the review will be undertook a regular review at least every 06 months.
  • The period to assign a credit rating depends on the complexity of the issuer’s business, the characteristics of the debt instrument, as well as when FiinRatings receives the necessary information and documents for the rating process. Under normal circumstances, when the information requests from FiinRatings are fully and promptly met, the initial credit rating process for an Issuer will take 06 to 08 weeks from the time of signing contract until the result announcement.
  • FiinRatings’ Issuer credit rating process follows the following main steps:
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Finalize contracts and provide information as requested

Receive rating requests from issuer and and sign the contract. Issuer prepares and submits the information and documents as required by FiinRatings.


Due diligence and analysis

Perform preliminary analysis, in-depth interview with the Management Team of the Issuer, and conduct other information-gathering activities


Identify Principal Risk Components (PRC)

Analyze key risks from information obtained and conduct peer comparison to identify risks affecting the issuer’s ability to fulfil debt obligations.


Propose preliminary Rating to the Credit Rating Committee

The Analyst team presents their opinion and propose a rating score to FiinRatings’ Rating Committee.


Review the Rating proposal from the Analytical Team

CRC members review documents provided by the analysts.


Discuss the Proposal

CRC discusses and evaluates the rating proposal by the analysts.


Finalize the Proposed Credit Rating

CRC casts their votes on the credit rating result.


Inform the result to the Issuer and request a review from the CRC (if needed)

Notify the Issuer with a pre-publication rationale for its credit rating result. In case the Issuer appeals and provides further information, CRC discusses further and agrees on the final rating result.


Publish the rating result

Announcing the rating result and archiving the documents related to the rating action.


Surveillance and update

Conduct periodic surveillance to re-evaluate the credit rating at least every 06 months or immediately upon occurrence of events that affect the issuer’s credit rating result.

Basic Information Requirements

Below is a list of basic information that Issuers need to provide to FiinRatings when engaging in a rating action. The detailed list will be discussed during the working process between the two parties:

  • Information about business profile:
    • Legal documents related to business establishment, investment registration certificate
    • Information about the Board of Directors, Board of Members, and Executive Board
    • Charter, Operational Regulations, Organizational Structure
    • Information about key products and services
  • Information on strategic direction and business plan:
    • Research, analysis and evaluation reports on the main lines of business in which the company operates
    • Company development strategy and business plan
  • Information about the financial position of the enterprise:
    • Audited financial statements
    • Financial forecasting model
    • Financial management policies and management reporting
    • Debts and repayment schedule
  • Other information
    • Legal documents of important projects
    • Important contracts and commitments

Request credit rating service

Please contact support.fiinratings@fiingroup.vn