{"id":2826,"date":"2022-10-05T21:10:55","date_gmt":"2022-10-05T14:10:55","guid":{"rendered":"https:\/\/saigonratings.com\/?page_id=2826"},"modified":"2022-11-01T21:44:53","modified_gmt":"2022-11-01T14:44:53","slug":"credit-rating-scales","status":"publish","type":"page","link":"https:\/\/saigonratings.com\/en\/credit-rating-scales\/","title":{"rendered":"Credit Rating Scales"},"content":{"rendered":"\n <div class=\"banner has-hover\" id=\"banner-2117808708\">\n <div class=\"banner-inner fill\">\n <div class=\"banner-bg fill\" >\n <div class=\"bg fill bg-fill bg-loaded\"><\/div>\n <div class=\"overlay\"><\/div> \n <\/div>\n\t\t\n <div class=\"banner-layers container\">\n <div class=\"fill banner-link\"><\/div> \n <div id=\"text-box-724965928\" class=\"text-box banner-layer x2 md-x2 lg-x2 y75 md-y75 lg-y75 res-text\">\n <div class=\"text-box-content text dark\">\n \n <div class=\"text-inner text-center\">\n \n <\/div>\n <\/div>\n \n<style>\n#text-box-724965928{\n width:66%;\n}\n#text-box-724965928 .text-box-content{\n font-size:100%;\n}\n<\/style>\n <\/div>\n \n <\/div>\n <\/div>\n\n \n<style>\n#banner-2117808708{\n padding-top:50%;\n background-color:rgb(255,255,255);\n}\n#banner-2117808708 .bg.bg-loaded{\n background-image:url(https:\/\/saigonratings.com\/wp-content\/uploads\/2022\/10\/banner.jpg);\n}\n#banner-2117808708 .overlay{\n background-color:rgba(0,0,0,0.355);\n}\n#banner-2117808708 .bg{\n background-position:0% 85%;\n}\n#banner-2117808708 .ux-shape-divider--top svg{\n height:150px;\n --divider-top-width:100%;\n}\n#banner-2117808708 .ux-shape-divider--bottom svg{\n height:150px;\n --divider-width:100%;\n}\n@media (min-width:550px){\n #banner-2117808708{\n padding-top:300px;\n}\n}\n<\/style>\n <\/div>\n\n\n<div class=\"row about-us\" id=\"row-595338037\">\n\n\t<div id=\"col-1802091358\" class=\"col small-12 large-12\" >\n\t\t\t\t<div class=\"col-inner\" >\n\t\t\t\n\t\t\t\n<div class=\"container section-title-container\" ><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 ez-toc-wrap-right counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title ez-toc-toggle\" style=\"cursor:pointer\">M\u1ee5c l\u1ee5c :<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/saigonratings.com\/en\/credit-rating-scales\/#CREDIT_RATING_SCALES\" >CREDIT RATING SCALES<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/saigonratings.com\/en\/credit-rating-scales\/#Long-term_Issuer_Credit_Rating\" >Long-term Issuer Credit Rating<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/saigonratings.com\/en\/credit-rating-scales\/#Short-term_Issuer_Credit_Rating\" >Short-term Issuer Credit Rating<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/saigonratings.com\/en\/credit-rating-scales\/#Long-term_Issue_Credit_Rating\" >Long-term Issue Credit Rating<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/saigonratings.com\/en\/credit-rating-scales\/#Short-term_Issue_Credit_Rating\" >Short-term Issue Credit Rating<\/a><\/li><\/ul><\/nav><\/div>\n<h3 class=\"section-title section-title-bold\"><span class=\"ez-toc-section\" id=\"CREDIT_RATING_SCALES\"><\/span><b><\/b><span class=\"section-title-main\" style=\"color:rgb(127, 127, 127);\">CREDIT RATING SCALES<\/span><b><\/b><span class=\"ez-toc-section-end\"><\/span><\/h3><\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n<\/div>\n<div class=\"row\" id=\"row-1280716703\">\n\n\t<div id=\"col-1986395734\" class=\"col small-12 large-12\" >\n\t\t\t\t<div class=\"col-inner\" >\n\t\t\t\n\t\t\t\n<p>Saigon Ratings established and applied consistently the credit rating scales using alphanumeric symbols. This symbol system aims to provide a system of standards used to evaluate and compare creditworthiness of the debt obligations and issuers, in accordance with the following basic principles:<\/p>\n<ul>\n<li>Rating scales should be clear, easy to understand, and ensure the credit rating grades are comparative;<\/li>\n<li>The credit rating scales are ranked from the highest to lowest on the ability to fully and timely fulfill financial obligations of the issuers.<\/li>\n<\/ul>\n<p>The credit rating scales of Saigon Ratings include long-term credit rating scales and short-term credit rating scales. This distinction aims at expressing and reflecting the objective and independent assessment of Saigon Ratings on the ability to fully and timely fulfill financial obligations of the issuers in the long term and short term. The credit rating scales describe the ability to meet financial commitments from the highest rating level (Extremely strong capacity) to the lowest rating level (Payment default on financial commitments).<\/p>\n<p>Saigon Ratings provides clear, simple and understandable definitions of each categories in the rating scale and applies consistently to all types of issuers.<\/p>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n<\/div>\n<div class=\"row\" id=\"row-1868890224\">\n\n\t<div id=\"col-250070628\" class=\"col small-12 large-12\" >\n\t\t\t\t<div class=\"col-inner\" >\n\t\t\t\n\t\t\t\n\n\t\t<div class=\"tabbed-content\">\n\t\t\t\n\t\t\t<ul class=\"nav nav-pills nav-uppercase nav-size-normal nav-center\"><li class=\"tab active has-icon\"><a href=\"#tab_issuer-credit-rating\"><span>ISSUER CREDIT RATING<\/span><\/a><\/li>\n<li class=\"tab has-icon\"><a href=\"#tab_issue-credit-rating\"><span>ISSUE CREDIT RATING<\/span><\/a><\/li><\/ul><div class=\"tab-panels\"><div class=\"panel active entry-content\" id=\"tab_issuer-credit-rating\">\n<h3 class=\"vc_custom_heading\" style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Long-term_Issuer_Credit_Rating\"><\/span>Long-term Issuer Credit Rating<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"wpb_text_column wpb_content_element \">\n<div class=\"wpb_wrapper\">\n<table>\n<tbody>\n<tr>\n<td width=\"92\">\n<p><strong>Category<\/strong><\/p>\n<\/td>\n<td width=\"786\">\n<p><strong>Definition<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>vnAAA<\/p>\n<\/td>\n<td width=\"786\">\n<p>An entity rated \u2018vnAAA\u2019 has extremely strong capacity to meet its financial commitments. \u2018vnAAA\u2019 is the highest issuer credit rating assigned by Saigon Ratings.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>vnAA<\/p>\n<\/td>\n<td width=\"786\">\n<p>An entity rated \u2018vnAA\u2019 has very strong capacity to meet its financial commitments. It differs from the highest-rated entities only to a small degree.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>vnA<\/p>\n<\/td>\n<td width=\"786\">\n<p>An entity rated \u2018vnA\u2019 has strong capacity to meet its financial commitments but is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than entities in higher-rated categories.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>vnBBB<\/p>\n<\/td>\n<td width=\"786\">\n<p>An entity rated \u2018vnBBB\u2019 has adequate capacity to meet its financial commitments. However, adverse economic conditions or changing circumstances are more likely to weaken the entity\u2019s capacity to meet its financial commitments.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>vnBB<\/p>\n<\/td>\n<td width=\"786\">\n<p>An entity rated \u2018vnBB\u2019 is less vulnerable in the near term than other lower-rated entities. However, it faces major ongoing uncertainties and exposure to adverse business, financial, or economic conditions that could lead to the entity\u2019s inadequate capacity to meet its financial commitments.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>vnB<\/p>\n<\/td>\n<td width=\"786\">\n<p>An entity rated \u2018vnB\u2019 is more vulnerable than the entities rated \u2018vnBB\u2019, but the entity currently has the capacity to meet its financial commitments. Adverse business, financial, or economic conditions will likely impair the entity\u2019s capacity or willingness to meet its financial commitments.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>vnCCC<\/p>\n<\/td>\n<td width=\"786\">\n<p>An entity rated \u2018vnCCC\u2019 is currently vulnerable and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>vnCC<\/p>\n<\/td>\n<td width=\"786\">\n<p>An entity rated \u2018vnCC\u2019 is currently highly vulnerable. The \u2018vnCC\u2019 rating is used when a default has not yet occurred but Saigon Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>vnR<\/p>\n<\/td>\n<td width=\"786\">\n<p>An entity rated \u2018vnR\u2019 is under regulatory supervision owing to its financial condition. During the pendency of the regulatory supervision, the regulators may have the power to favor one class of obligations over others or pay some obligations and not others.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>vnSD &amp; vnD<\/p>\n<\/td>\n<td width=\"786\">\n<p>An entity is rated \u2018vnSD\u2019 (selective default) or \u2018vnD\u2019 if Saigon Ratings considers there to be a default on one or more of its financial obligations, whether long-term or short-term, including rated and unrated obligations but excluding hybrid instruments classified as regulatory capital or in nonpayment according to terms. A \u2018vnD\u2019 rating is assigned when Saigon Ratings believes that the default will be a general default and that the entity will fail to pay all or substantially all of its obligations as they come due. An \u2018vnSD\u2019 rating is assigned when Saigon Ratings believes that the entity has selectively defaulted on a specific issue or class of obligations but it will continue to meet its payment obligations on other issues or classes of obligations in a timely manner. A rating on an entity is lowered to \u2018vnD\u2019 or \u2018vnSD\u2019 if it is conducting a distressed exchange offer.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" width=\"878\"><strong><em>*Ratings from \u2018vnAA\u2019 to \u2018vnCCC\u2019 may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.<\/em><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<h3 class=\"vc_custom_heading\"><span class=\"ez-toc-section\" id=\"Short-term_Issuer_Credit_Rating\"><\/span>Short-term Issuer Credit Rating<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"wpb_text_column wpb_content_element \">\n<div class=\"wpb_wrapper\">\n<table>\n<tbody>\n<tr>\n<td width=\"92\">\n<p><strong>Category<\/strong><\/p>\n<\/td>\n<td width=\"786\">\n<p><strong>Definition<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>vnA-1<\/p>\n<\/td>\n<td width=\"786\">\n<p>An entity rated \u2018vnA-1\u2019 has strong capacity to meet its financial commitments. It is rated in the highest category by Saigon Ratings. Within this category, certain entities are designated with a plus sign (+). This indicates that the entity\u2019s capacity to meet its financial commitments is extremely strong.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>vnA-2<\/p>\n<\/td>\n<td width=\"786\">\n<p>An entity rated \u2018vnA-2\u2019 has satisfactory capacity to meet its financial commitments. However, it is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than entities in the highest rating category.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>vnA-3<\/p>\n<\/td>\n<td width=\"786\">\n<p>An entity rated \u2018vnA-3\u2019 has adequate capacity to meet its financial obligations. However, adverse economic conditions or changing circumstances are more likely to weaken the entity\u2019s capacity to meet its financial commitments.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>vnB<\/p>\n<\/td>\n<td width=\"786\">\n<p>An entity rated \u2018vnB\u2019 is regarded as vulnerable and has significant speculative characteristics. The entity currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the entity\u2019s inadequate capacity to meet its financial commitments.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>vnC<\/p>\n<\/td>\n<td width=\"786\">\n<p>An entity rated \u2018vnC\u2019 is currently vulnerable to nonpayment that would result in an \u2018vnSD\u2019 or \u2018vnD\u2019 issuer rating and is dependent upon favorable business, financial, and economic conditions to meet its financial commitments.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>vnR<\/p>\n<\/td>\n<td width=\"786\">\n<p>An entity rated \u2018vnR\u2019 is under regulatory supervision owing to its financial condition. During the pendency of the regulatory supervision, the regulators may have the power to favor one class of obligations over others or pay some obligations and not others.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>vnSD &amp; vnD<\/p>\n<\/td>\n<td width=\"786\">\n<p>An entity rated \u2018vnSD\u2019 (selective default) or \u2018vnD\u2019 has failed to pay one or more of its financial obligations (rated or unrated), excluding hybrid instruments classified as regulatory capital or in nonpayment according to terms, when it came due. An entity is considered in default unless Saigon Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. A \u2018vnD\u2019 rating is assigned when Saigon Ratings believes that the default will be a general default and that the entity will fail to pay all or substantially all of its obligations as they come due. An \u2018vnSD\u2019 rating is assigned when Saigon Ratings believes that the entity has selectively defaulted on a specific issue or class of obligations, excluding hybrid instruments classified as regulatory capital, but it will continue to meet its payment obligations on other issues or classes of obligations in a timely manner. An entity\u2019s rating is lowered to \u2018vnD\u2019 or \u2018vnSD\u2019 if it is conducting a distressed exchange offer.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<div class=\"vc_tta-container\" data-vc-action=\"collapse\">\n<div class=\"vc_general vc_tta vc_tta-tabs vc_tta-color-green vc_tta-style-classic vc_tta-shape-rounded vc_tta-spacing-2 vc_tta-tabs-position-top vc_tta-controls-align-left vc_custom_1576059679575\">\n<div class=\"vc_tta-panels-container\">\n<div class=\"vc_tta-panels\">\n<div id=\"1576053591610-1caecf48-339d\" class=\"vc_tta-panel vc_active\" data-vc-content=\".vc_tta-panel-body\">\n<div class=\"vc_tta-panel-body\">\n<div class=\"wpb_text_column wpb_content_element \">\n<div class=\"wpb_wrapper\">\u00a0<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div id=\"1534474369482-ae64a2e5-27b1\" data-vc-content=\".vc_tta-panel-body\">\n<p>Saigon Ratings uses rating symbols: \u2018vnAAA\u2019, \u2018vnBB\u2019, or \u2018vnCC\u2019 to represent its relative credit risk assessment. In which, the rating symbol \u2018vnAAA\u2019 represents the best solvency; rating symbol \u2018vnC\u2019 or \u2018vnD\u2019 represents the weakest solvency or can be understood as the rating of insolvency or default.<\/p>\n<p>The short-term rating scale has fewer grades than the long-term rating scale, starting from \u2018vnA-1\u2019 (indicating the ability to fully and timely perform the debt obligation at the highest level) to the \u2018vnD\u2019 (denotes that the issuer has lost its ability to pay its debt obligations). Therefore, typically each short-term rating notch may correspond to a range of long-term rating notches. For example, the short-term credit rating \u2018vnA-1+\u2019 can correspond to the long-term credit ratings: \u2018vnAAA\u2019, \u2018vnAA+\u2019, \u2018vnAA\u2019 and \u2018vnAA-\u2019.<\/p>\n<p>Short-term and long-term credit ratings have a close relationship: if an organization\u2019s long-term credit rating is downgraded, the short-term credit rating may be downgraded accordingly.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<div class=\"panel entry-content\" id=\"tab_issue-credit-rating\">\n<h3 class=\"vc_custom_heading\" style=\"text-align: center;\"><span class=\"ez-toc-section\" id=\"Long-term_Issue_Credit_Rating\"><\/span>Long-term Issue Credit Rating<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"wpb_text_column wpb_content_element \">\n<div class=\"wpb_wrapper\">\n<table>\n<tbody>\n<tr>\n<td width=\"92\">\n<p><strong>Category<\/strong><\/p>\n<\/td>\n<td width=\"786\">\n<p><strong>Definition<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>vnAAA<\/p>\n<\/td>\n<td width=\"786\">\n<p>An obligation rated \u2018vnAAA\u2019 has the highest rating assigned by Saigon Ratings. The obligor\u2019s capacity to meet its financial commitments on the obligation is extremely strong.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>vnAA<\/p>\n<\/td>\n<td width=\"786\">\n<p>An obligation rated \u2018vnAA\u2019 differs from the highest-rated obligations only to a small degree. The obligor\u2019s capacity to meet its financial commitments on the obligation is very strong.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>vnA<\/p>\n<\/td>\n<td width=\"786\">\n<p>An obligation rated \u2018vnA\u2019 is somewhat more susceptible to the adverse effects of changes in circumstances and<\/p>\n<p>economic conditions than obligations in higher-rated categories. However, the obligor\u2019s capacity to meet its financial commitments on the obligation is still strong.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>vnBBB<\/p>\n<\/td>\n<td width=\"786\">\n<p>An obligation rated \u2018vnBBB\u2019 exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken the obligor\u2019s capacity to meet its financial commitments on the obligation.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>vnBB<\/p>\n<\/td>\n<td width=\"786\">\n<p>An obligation rated \u2018vnBB\u2019 is less vulnerable to nonpayment than other speculative issues. However, it faces major ongoing uncertainties or exposure to adverse business, financial, or economic conditions that could lead to the obligor\u2019s inadequate capacity to meet its financial commitments on the obligation.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>vnB<\/p>\n<\/td>\n<td width=\"786\">\n<p>An obligation rated \u2018vnB\u2019 is more vulnerable to nonpayment than obligations rated \u2018vnBB\u2019, but the obligor currently has the capacity to meet its financial commitments on the obligation. Adverse business, financial, or economic conditions will likely impair the obligor\u2019s capacity or willingness to meet its financial commitments on the obligation.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>vnCCC<\/p>\n<\/td>\n<td width=\"786\">\n<p>An obligation rated \u2018vnCCC\u2019 is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation. In the event of adverse business, financial, or economic conditions, the obligor is not likely to have the capacity to meet its financial commitments on the obligation.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>vnCC<\/p>\n<\/td>\n<td width=\"786\">\n<p>An obligation rated \u2018vnCC\u2019 is currently highly vulnerable to nonpayment. The \u2018vnCC\u2019 rating is used when a default has not yet occurred but Saigon Ratings expects default to be a virtual certainty, regardless of the anticipated time to default.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>vnC<\/p>\n<\/td>\n<td width=\"786\">\n<p>An obligation rated \u2018vnC\u2019 is currently highly vulnerable to nonpayment, and the obligation is expected to have lower relative seniority or lower ultimate recovery compared with obligations that are rated higher.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>vnD<\/p>\n<\/td>\n<td width=\"786\">\n<p>An obligation rated \u2018vnD\u2019 is in default or in breach of an imputed promise. For non-hybrid capital instruments, the \u2018vnD\u2019 rating category is used when payments on an obligation are not made on the date due, unless Saigon Ratings believes that such payments will be made within five business days in the absence of a stated grace period or within the earlier of the stated grace period or 30 calendar days. The \u2018vnD\u2019 rating also will be used upon the filing of a bankruptcy petition or the taking of similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation\u2019s rating is lowered to \u2018vnD\u2019 if it is subject to a distressed exchange offer.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td colspan=\"2\" width=\"878\">\n<p><strong><em>*Ratings from \u2018vnAA\u2019 to \u2018vnCCC\u2019 may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories.<\/em><\/strong><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<\/div>\n<h3 class=\"vc_custom_heading\"><span class=\"ez-toc-section\" id=\"Short-term_Issue_Credit_Rating\"><\/span>Short-term Issue Credit Rating<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"wpb_text_column wpb_content_element \">\n<div class=\"wpb_wrapper\">\n<table>\n<tbody>\n<tr>\n<td width=\"92\">\n<p><strong>Category<\/strong><\/p>\n<\/td>\n<td width=\"786\">\n<p><strong>Definition<\/strong><\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>A-1<\/p>\n<\/td>\n<td width=\"786\">\n<p>A short-term obligation rated \u2018A-1\u2019 is rated in the highest category by Saigon Ratings. The obligor\u2019s capacity to meet its financial commitments on the obligation is strong. Within this category, certain obligations are designated with a plus sign (+). This indicates that the obligor\u2019s capacity to meet its financial commitments on these obligations is extremely strong.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>A-2<\/p>\n<\/td>\n<td width=\"786\">\n<p>A short-term obligation rated \u2018A-2\u2019 is somewhat more susceptible to the adverse effects of changes in circumstances and economic conditions than obligations in higher rating categories. However, the obligor\u2019s capacity to meet its financial commitments on the obligation is satisfactory.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>A-3<\/p>\n<\/td>\n<td width=\"786\">\n<p>A short-term obligation rated \u2018A-3\u2019 exhibits adequate protection parameters. However, adverse economic conditions or changing circumstances are more likely to weaken an obligor\u2019s capacity to meet its financial commitments on the obligation.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>B<\/p>\n<\/td>\n<td width=\"786\">\n<p>A short-term obligation rated \u2018B\u2019 is regarded as vulnerable and has significant speculative characteristics. The obligor currently has the capacity to meet its financial commitments; however, it faces major ongoing uncertainties that could lead to the obligor\u2019s inadequate capacity to meet its financial commitments.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>C<\/p>\n<\/td>\n<td width=\"786\">\n<p>A short-term obligation rated \u2018C\u2019 is currently vulnerable to nonpayment and is dependent upon favorable business, financial, and economic conditions for the obligor to meet its financial commitments on the obligation.<\/p>\n<\/td>\n<\/tr>\n<tr>\n<td width=\"92\">\n<p>D<\/p>\n<\/td>\n<td width=\"786\">\n<p>A short-term obligation rated \u2018D\u2019 is in default or in breach of an imputed promise. For non-hybrid capital instruments, the \u2018D\u2019 rating category is used when payments on an obligation are not made on the date due, unless Saigon Ratings believes that such payments will be made within any stated grace period. However, any stated grace period longer than five business days will be treated as five business days. The \u2018D\u2019 rating also will be used upon the filing of a bankruptcy petition or the taking of a similar action and where default on an obligation is a virtual certainty, for example due to automatic stay provisions. An obligation\u2019s rating is lowered to \u2018D\u2019 if it is subject to a distressed exchange offer.<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p>Saigon Ratings uses rating symbols: \u2018vnAAA\u2019, \u2018vnBB\u2019, or \u2018vnCC\u2019 to represent its relative credit risk assessment. In which, the rating symbol \u2018vnAAA\u2019 represents the best solvency; rating symbol \u2018vnC\u2019 or \u2018vnD\u2019 represents the weakest solvency or can be understood as the rating of insolvency or default.<\/p>\n<p>The short-term rating scale has fewer grades than the long-term rating scale, starting from \u2018vnA-1\u2019 (indicating the ability to fully and timely perform the debt obligation at the highest level) to the \u2018vnD\u2019 (denotes that the issuer has lost its ability to pay its debt obligations). Therefore, typically each short-term rating notch may correspond to a range of long-term rating notches. For example, the short-term credit rating \u2018vnA-1+\u2019 can correspond to the long-term credit ratings: \u2018vnAAA\u2019, \u2018vnAA+\u2019, \u2018vnAA\u2019 and \u2018vnAA-\u2019.<\/p>\n<p>Short-term and long-term credit ratings have a close relationship: if an organization\u2019s long-term credit rating is downgraded, the short-term credit rating may be downgraded accordingly.<\/p>\n<\/div>\n<\/div>\n<\/div><\/div><\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\n\t\n<\/div>\n","protected":false},"excerpt":{"rendered":"","protected":false},"author":3,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"page-transparent-header.php","meta":{"_acf_changed":false,"footnotes":""},"class_list":["post-2826","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"\n<title>Credit Rating Scales - Saigon Ratings<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/saigonratings.com\/en\/credit-rating-scales\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Credit Rating Scales\" \/>\n<meta property=\"og:url\" content=\"https:\/\/saigonratings.com\/en\/credit-rating-scales\/\" \/>\n<meta property=\"og:site_name\" content=\"Saigon Ratings\" \/>\n<meta property=\"article:modified_time\" content=\"2022-11-01T14:44:53+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"20 minutes\" \/>\n","yoast_head_json":{"title":"Credit Rating Scales - Saigon Ratings","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/saigonratings.com\/en\/credit-rating-scales\/","og_locale":"en_US","og_type":"article","og_title":"Credit Rating Scales","og_url":"https:\/\/saigonratings.com\/en\/credit-rating-scales\/","og_site_name":"Saigon Ratings","article_modified_time":"2022-11-01T14:44:53+00:00","twitter_card":"summary_large_image","twitter_misc":{"Est. reading time":"20 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/saigonratings.com\/en\/credit-rating-scales\/","url":"https:\/\/saigonratings.com\/en\/credit-rating-scales\/","name":"Credit Rating Scales - Saigon Ratings","isPartOf":{"@id":"https:\/\/saigonratings.com\/en\/#website"},"datePublished":"2022-10-05T14:10:55+00:00","dateModified":"2022-11-01T14:44:53+00:00","breadcrumb":{"@id":"https:\/\/saigonratings.com\/en\/credit-rating-scales\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/saigonratings.com\/en\/credit-rating-scales\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/saigonratings.com\/en\/credit-rating-scales\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Trang ch\u1ee7","item":"https:\/\/saigonratings.com\/en\/"},{"@type":"ListItem","position":2,"name":"Credit Rating Scales"}]},{"@type":"WebSite","@id":"https:\/\/saigonratings.com\/en\/#website","url":"https:\/\/saigonratings.com\/en\/","name":"Saigon Ratings","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/saigonratings.com\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"}]}},"_links":{"self":[{"href":"https:\/\/saigonratings.com\/en\/wp-json\/wp\/v2\/pages\/2826","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/saigonratings.com\/en\/wp-json\/wp\/v2\/pages"}],"about":[{"href":"https:\/\/saigonratings.com\/en\/wp-json\/wp\/v2\/types\/page"}],"author":[{"embeddable":true,"href":"https:\/\/saigonratings.com\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/saigonratings.com\/en\/wp-json\/wp\/v2\/comments?post=2826"}],"version-history":[{"count":1,"href":"https:\/\/saigonratings.com\/en\/wp-json\/wp\/v2\/pages\/2826\/revisions"}],"predecessor-version":[{"id":2975,"href":"https:\/\/saigonratings.com\/en\/wp-json\/wp\/v2\/pages\/2826\/revisions\/2975"}],"wp:attachment":[{"href":"https:\/\/saigonratings.com\/en\/wp-json\/wp\/v2\/media?parent=2826"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}