Fitch gives Mong Duong notes BB

Fitch Ratings said it assigned AES-VCM Mong Duong Power Co., Ltd.'s proposed dollar senior secured notes due 2029 an expected rating of BB.

The outlook is positive.

The proposed debt securities will be issued by Mong Duong Finance Holdings BV.

“AES - VCM benefits from a favourable 25-year power purchase agreement (PPA) with state-owned Vietnam Electricity (EVN, BB/positive) until 2040,” the agency said in a news release.

“The PPA provides for capacity and energy payments to cover the fixed and variable costs of company's plant – Mong Duong 2 (MD2) – subject to a minimum performance level.”

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