Fitch maintains BB+ stable rating for BSR

Fitch maintains BB+ stable rating for BSR

The continued BB+/Stable rating comes as BSR is undertaking a major investment project and could support the company's access to financing for its expansion plans, according to the company.

Dung Quất refinery in Quảng Ngãi Province. — Photo bsr.com.vn

Fitch Ratings has confirmed the long-term issuer default rating of Binh Son Refining and Petrochemical JSC (BSR) at BB+, with a stable outlook, the company announced on its website.

The rating is at the same level as Petrovietnam and the Vietnamese Government and represents the highest level BSR can achieve under the country's rating ceiling, according to the company.

Fitch said the rating reflected BSR's solid financial profile, strong liquidity and ability to maintain a net cash position even during periods of high capital spending. The company's access to funding also supports its investment plans and resilience to market volatility, it said.

Fitch also highlighted BSR's strong domestic market position.

The Dung Quất Refinery accounts for about 43 per cent of Việt Nam's installed refining capacity and meets nearly 35 per cent of domestic fuel demand. The refinery operated at high utilisation in the first half of 2026, at times reaching 125 per cent of its designed capacity.

The agency also noted BSR's strategic role in Petrovietnam's energy value chain and national energy security, as well as the strong support it receives from the State-owned energy group.

Fitch identified the planned upgrade and expansion of the Dung Quất refinery as a key driver of BSR's long-term competitiveness. Once completed, the project is expected to raise the refinery's capacity to 171,000 barrels per day and increase its Nelson Complexity Index to above eight, allowing the refinery to process a wider range of crude oil and improve its product mix.

The project is also expected to strengthen domestic supply of refined and petrochemical products and support the development of Dung Quất into a national refining and energy centre.

The continued BB+/Stable rating comes as BSR is undertaking a major investment project and could support the company's access to financing for its expansion plans, according to the company. 

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