* CREDIT RATING OPINION (first-time): vnBB+
* OUTLOOK: Stable
* DATE OF RATING CERTIFICATION ISSUANCE: December 18, 2025
* BUSINESS LINE: Real estate development
* RATING COMMITTEE:
Ms. Do Phuong Lan, MDE
Mr. Le Hoang Quan, MBA
Ms. Bui Thu Huong, MBA, CFA
* ANALYSTS:
Mr. Bui Van Long, MSc
Ms. Nguyen Thi Thu Hoai, BA
* INFORMATION OF INTEREST CONFLICT
– Saigon Ratings’ share ownership in Phat Dat Real Estate Investment and Development Company Limited: None
– Saigon Ratings’ bond ownership in Phat Dat Real Estate Investment and Development Company Limited: None
– Saigon Ratings’ other debt instrument ownership in Phat Dat Real Estate Investment and Development Company Limited: None
– Saigon Ratings employee’s share ownership in Phat Dat Real Estate Investment and Development Company Limited: None
Saigon Ratings is committed to the implementation of credit rating independently and objectively.
Saigon Ratings issued a credit rating report as a reference information; it is not an investment or capital contribution recommendation for debt instruments issued by the rated company (Phat Dat Real Estate Investment and Development Company Limited).
