SP Global and FiinGroup Complete FiinRatings Investment, Strengthening Partnership to Bring Greater Transparency to Vietnam’s Capital Market

Hanoi, November 17, 2025 – S&P Global Ratings, the world’s leading provider of independent credit ratings, today announced the completion of its 43.4% equity investment in FiinRatings, Vietnam’s leading credit rating agency. The companies also announced today that they have signed a partnership agreement to better serve debt capital markets in Vietnam, expanding collaboration in areas such as analytical knowledge transfer, joint seminars and market education.

Hanoi, November 17, 2025 – S&P Global Ratings, the world’s leading provider of independent credit ratings, today announced the completion of its 43.4% equity investment in FiinRatings, Vietnam’s leading credit rating agency.  The companies also announced today that they have signed a partnership agreement to better serve debt capital markets in Vietnam, expanding collaboration in areas such as analytical knowledge transfer, joint seminars and market education. 

On 25 February 2025, the companies announced S&P Global’s strategic investment in FiinRatings, marking a significant milestone in a partnership that was first established in 2020. On 12 November 2025, the Hanoi Department of Finance issued an approval recognizing S&P Global Asian Holdings Pte. Ltd. (a subsidiary of S&P Global) as an official shareholder holding a 43.4% equity stake in FiinRatings. 

The completion of the transaction means that FiinRatings is now a strategic partner of S&P Global, strengthening its capability to align with international credit-rating practices. FiinRatings will shortly appoint two members from S&P Global Ratings to its Board of Directors. The partnership between FiinRatings and S&P Global Ratings has been built on a solid foundation over the years since 2020, with the relationship expanding in June 2022 when FiinRatings became a Technical Collaboration Partner of S&P Global. 

Mr. Nguyen Quang Thuan, Executive Chairman of FiinGroup and FiinRatings, emphasized: “The closure of our equity transaction with S&P Global marks a major milestone not only for FiinRatings but also for the development of Vietnam’s capital market. The collaboration brings strategic resources, international experience, and global standards that enhance our analytical capabilities, standardize our rating methodologies, and deliver more objective and insightful assessments to the market. More importantly, this partnership enables Vietnamese businesses to access quality capital flows both domestically and internationally, expand their investor base, and contribute to building a more transparent, efficient, and sustainable capital market.” 

Mr. Ritesh Maheshwari, Managing Director – Head of Southeast Asia, S&P Global Ratings, added: “Today’s announcement marks a major step forward in our partnership with FiinRatings. As strategic partners, we are eager to implement our cooperation plan, which includes enhanced analytical collaboration, training, and access to resources. Together, we aim to elevate industry standards, improve transparency, and equip market participants with valuable insights to strengthen Vietnam’s capital markets, widen the availability of credit, and support Vietnam in realizing its economic growth potential.” 

ABOUT S&P GLOBAL RATINGS 

S&P Global Ratings is the world’s leading independent credit rating agency, playing a pivotal role in fostering growth and enhancing transparency across global financial markets. With more than one million credit ratings outstanding on sovereign, corporate, financial institutions, structured finance entities and securities, S&P Global Ratings provides independent opinions and in-depth research on credit risk, helping investors make informed decisions and strengthening market confidence. S&P Global Ratings is a division of S&P Global (NYSE: SPGI), the world’s foremost provider of financial data, analytics, and essential intelligence, with a market capitalization exceeding USD 167 billion. 
For more information, please visit www.spglobal.com/ratings. 

ABOUT FIINRATINGS 

FiinRatings is a credit rating agency licensed by the Vietnam's Ministry of Finance and one of the pioneers in promoting transparency and sustainability in Vietnam’s capital markets. We provide independent credit rating services for domestic corporates to support efficient and well-informed capital-raising activities. FiinRatings also offers risk research, in-depth credit analysis, and green bond verification in accordance with international standards such as ICMA and the Climate Bonds Initiative (CBI), thereby enabling investors to assess risks and make well-rounded investment decisions. 

FiinRatings is a member of FiinGroup — the leading provider in Vietnam of financial data analytics, market research, and financial technology solutions. The data capabilities, technology platforms, and domain expertise of FiinGroup provide a strong foundation for FiinRatings to maintain robust analytical capacity, standardized rating methodologies, and an increasingly recognized reputation in the market. 

For more information, please visit www.fiinratings.vn. 

« Go Back