* RATING BOND: TBEL12601
* CREDIT RATING OPINION (first-time): vnBB+
* OUTLOOK: Stable
* DATE OF RATING CERTIFICATION ISSUANCE: August 27, 2026
* BUSINESS LINE:Real Estate Development
* RATING COMMITTEE:
Mr. Bui Van Long, MSc
Ms. Bui Thu Huong, MBA, CFA
Mr. Le Hoang Quan, MBA
* ANALYSTS:
Mr. Nguyen Duc Phu, MSc
Ms. Nguyen Kim Chi, CFA
* INFORMATION OF INTEREST CONFLICT
– Saigon Ratings’ share ownership in Thai Bao Infrastructure Development and Real Estate JSC: None
– Saigon Ratings’ bond ownership in Thai Bao Infrastructure Development and Real Estate JSC: None
– Saigon Ratings’ other debt instrument ownership in Thai Bao Infrastructure Development and Real Estate JSC: None
– Saigon Ratings employee’s share ownership in Thai Bao Infrastructure Development and Real Estate JSC: 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 (Thai Bao Infrastructure Development and Real Estate JSC).
