The Credit Information Centre (CIC) has announced the results of the one-year implementation of the firm credit rating work, which showed that listing companies are the best ones.
In CIC’s rating, AAA is the highest rating, BB is given to good enterprises, while CCC is the worst.
Per request of the State Securities Commission (SSC), in 2006, CIC carried out the analysis of and ranked 72 companies listing on the bourse based on figures from 2004 and 2005. Most listing companies (93%) had good credit ratings, from BBB to AAA, while only five companies got CCC to BB.
However, according to CIC, there is no institution which can provide regular information about share issuance companies, including ones issuing OTC shares.
Service, energy and farm produce processing sectors prove to have the highest percentage of good enterprises among the eight polled sectors. The construction sector had the lowest percentage of good enterprises, at 20.5%, while the figure is 31% for other sectors. The processing sector had the highest percentage of optimal (AAA) enterprises (4.43%).
The capability of construction companies under the Ministries of Construction and Transport to make a profit proves to be very low (84% of general corporations have post tax profit of less than 3% of total turnover). 60% of corporations have an asset use ratio of less than 1 (one dong of asset can bring one dong of turnover).
Enterprises belonging to the two ministries have been found as being bogged down in debt. Statistics released by banks also showed that a big proportion of non-performing loans (NPL) belong to transport work construction and installation companies.
In the near future, CIC will give credit ratings to 20 big companies in the seafood sector, 20 big companies in the rubber industry and other enterprises in key industries of the national economy.
Source: VNE
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