* CREDIT RATING OPINION (first-time): Confidential
* OUTLOOK: Confidential
* DATE OF RATING CERTIFICATION ISSUANCE: December 31, 2025
* BUSINESS LINE: Real estate development
* RATING COMMITTEE:
Mr. Nguyen Duc Phu, MSc
Ms. Do Phuong Lan, MDE
Ms. Bui Thu Huong, MBA, CFA
* ANALYSTS:
Ms. Diep Ngoc Yen, MSc
Mr. Le Hoang Quan, MBA
Ms. Tran Thi Minh Thu, BA
* INFORMATION OF INTEREST CONFLICT
– Saigon Ratings’ share ownership in Phong Phu Investment JSC: None
– Saigon Ratings’ bond ownership in Phong Phu Investment JSC: None
– Saigon Ratings’ other debt instrument ownership in Phong Phu Investment JSC: None
– Saigon Ratings employee’s share ownership in Phong Phu Investment 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 (Phong Phu Investment JSC).
