BSR maintains BB+ credit rating for 3 consecutive years with Stable Outlook

Binh Son Refining and Petrochemical Joint Stock Company (BSR) said that it has received notification from international credit rating agency Fitch Ratings about the 2025 assessment results. Accordingly, Fitch Ratings continues to maintain the overall credit rating of BSR at BB+ with a Stable Outlook (BB+/Stable). This rating is equivalent to the credit rating of the Vietnam National Industry and Energy Group (Petrovietnam) and the Government of Vietnam.

This is the third consecutive year (2023, 2024 and 2025) that BSR has been rated by Fitch Ratings with a long-term default credit rating of BB+ with a “Stable Outlook”. The three consecutive years of being rated BB+ have affirmed BSR’s position and reputation in the international financial market, while also reflecting the important role of the unit in ensuring national energy security, national defense and security and actively contributing to promoting local socio-economic development.

According to the report, Fitch Ratings highly appreciates BSR's strategic role in ensuring national energy security. The enterprise has a strong financial profile, high liquidity and receives much strategic support from Petrovietnam .

This is the third consecutive year (2023, 2024 and 2025) that BSR has been rated by Fitch Ratings with a long-term default credit rating of BB+ with a stable outlook.

In 2024, Dung Quat Oil Refinery will maintain continuous safe operation, with an output of 6.6 million tons, revenue of more than VND 123 trillion, and a contribution to the state budget of over VND 13 trillion. And in early 2025, BSR shares will be officially listed on the HOSE. In the first 9 months of 2025 alone, BSR's production output will reach over 5 million tons, revenue of more than VND 105 trillion, contribution to the state budget of about VND 10.7 trillion and profit exceeding the set plan.

BSR has taken full advantage of solutions to optimize the plant's capacity based on key production workshops, maintaining operations at the most available capacity, bringing high efficiency. In particular, the crude oil distillation unit (CDU) has increased from 114% to 118%; the RFCC workshop operates at a marginal level of 110%; the Jet-A1 aviation gasoline production workshop (KTU) has been increased to 140% to take advantage of the increased selling price of Jet-A1 aviation gasoline.

In addition, BSR also focuses on enhancing the value of products and by-products through the simultaneous operation of two SRU workshops to optimize sulfur recovery and successfully produce granular sulfur; expand the production of BOPP plastic granules and new solvents (White Spirit, MHO); blend 100% mixed C4 into gasoline; and at the same time research and successfully produce green products and sustainable fuels such as Sustainable Aviation Fuel (SAF), Sustainable Marine Fuel (S-MFO) and E10 RON95 gasoline, etc. These are outstanding achievements for Fitch Ratings to assess that BSR has a solid financial foundation, effective operational capacity and sustainable development prospects in the future.

The international credit rating agency also recognized that BSR meets nearly 35% of domestic energy consumption demand and ensures 100% of the demand for specialized fuels for national defense and security. Gasoline, oil, liquefied gas, specialized fuels for national defense, sustainable fuels, green fuels, plastic pellets, etc. from Dung Quat Oil Refinery have become the "energy blood vessels" flowing throughout the country, contributing to economic stability and maintaining national security and defense.

Velvet - Eagle

Source: https://bsr.com.vn/web/bsr/-/bsr-3-years-of-continued-trust-in-bb-and-continuous-prosperity