FiinRatings has upgraded the Issuer Rating for Coteccons Construction JSC from BBB to BBB+ with a ‘Stable’ outlook

FiinRatings has upgraded the Issuer Rating for Coteccons Construction JSC from BBB to BBB+ with a ‘Stable’ outlook On September 27, FiinRatings officially announced the upgrade of Coteccons Construction JSC's long-term issuer credit rating from 'BBB' to 'BBB+' with a 'stable' outlook, recognizing the significant and stable improvement in the company's business risk profile.

On September 27, FiinRatings officially announced the upgrade of Coteccons Construction JSC's long-term issuer credit rating from 'BBB' to 'BBB+' with a 'stable' outlook, recognizing the significant and stable improvement in the company's business risk profile. This improvement is reflected in: 

👉 Coteccons has demonstrated strong and sustained revenue growth, supported by an expanding backlog: 

• By 1H2024, the Company's revenue reached VND 11,261 billion, a 67% increase compared to 1H2023. 

• This continuous revenue growth is underpinned by the steady expansion of its backlog, which reached approximately VND 30 trillion by Sep. 2024 (up from VND 23 trillion in Sep. 2023 and VND 17 trillion in March 2023). The Company estimated VND 22 trillion of backlog to carry over into 2025. 

👉 In addition to strengthened revenue growth and profitability, Coteccons is witnessing notable improvements in accounts receivable quality with reduced concentration risk, thanks to the growth of FDI projects and proactive financial management. 

With the new rating, Coteccons is gradually affirming its position in the market, setting a solid foundation for the company to confidently achieve new milestones. The upgrade of Coteccons Construction JSC's credit rating to BBB+ also demonstrates that FiinRatings team is timely in updating information and provides fair assessments of the company's efforts to improve its business performance. 

Please access HERE for our detailed Public Announcement on the rating. 

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