Rating raised one level to BB, 2nd-highest speculative grade
Fitch forecasts GDP growth of 6.7% in 2018, driven by FDI
Vietnam won a sovereign rating upgrade from Fitch Ratings on rising foreign-exchange reserves and strong economic growth, putting the nation closer to investment grade. Bonds and stocks rose.
The rating on the nation’s long-term, foreign currency-denominated debt was raised one level to BB, with a stable outlook, Fitch said in a statement on Tuesday. The upgrade puts Vietnam at the second-highest speculative grade and on par with Costa Rica.
Vietnam’s communist government has transformed the nation into one of the most rapidly-growing economies in the world with Fitch forecasting expansion of 6.7 percent in 2018. The government is focusing on containing debt and reforming its state-owned enterprises, boosting its track record of policy making at a time when emerging markets face pressure from rising U.S. interest rates.
The yield on Vietnam’s 4.8 percent dollar notes due November 2024 fell five basis points to 4.63 percent on Tuesday, according to data compiled by Bloomberg. Those of similar-maturity debt from the Philippines was at 3.65 percent. Fitch rates the Philippines at BBB, three levels above Vietnam.
The benchmark VN Index of shares rose 0.8 percent, while the currency was little changed.
— With assistance by Nguyen Dieu Tu Uyen, and Lilian Karunungan
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Economy News Baghdad:
Dana Gas has announced that it has received a cash payment of US $ 22.75 million, equivalent to AED 83.5 million, from Pearl Petroleum Limited in the Kurdistan Region of Iraq after the end of the first quarter of 2018 .
“The total cash payments that the company has received since the beginning of the year from Pearl Co. Ltd. in the Kurdistan region of Iraq amount to $ 36.7 million,” it said in a press release.
Under the sponsorship of the Central Bank of Iraq, Branch of Basra, Government and Private Banks in Basra held the financial inclusion fair in Basra’s Time Square mall for two days to highlight the importance and principles of financial inclusion in Iraq. The fair included opening accounts to citizens and introducing all banking services provided by banks as well as ways to use ATM and ATM Electronic payment.
Date Added 05/14/2018
Economy News _ Baghdad
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