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Published on 12/14/2023 in the Prospect News Emerging Markets Daily.

Fitch upgrades Mong Duong 2 notes

Fitch Ratings said it upgraded the rating on the $678.5 million of 5 1/8% senior secured notes due 2029 issued by Mong Duong Finance Holdings BV to BB+ from BB.

The upgrade follows a similar action on Vietnam’s sovereign rating to BB+ from BB on Dec. 8, the agency said. The government provides guarantees for the counterparty obligations. The issuer is a financing vehicle for AES Mong Duong Power Co. Ltd., which has take-or-pay pacts with the state-owned Vietnam Electricity.

The outlook is stable.


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