On March 31^st, 2023, FiinRatings announced that it has assigned a first-time Long-term Issuer Credit Rating 'BB' to Camimex Group Joint Stock Company (“CMX”) with the Outlook: Stable.

The Stable rating outlook reflects FiinRatings' expectation that CMX's credit rating would be maintained in the next 12 months. FiinRatings' Stable' outlook on CMX has incorporated (i) CMX's long-standing experiences in the aquaculture industry and (ii) CMX’s advantages in organic shrimp products which is the first company in Vietnam to deploy organic shrimp since 2000.

The credit rating has also factored in the difficulties and challenges that Vietnamese aquaculture exporters might encounter in 2023 such as geopolitical tension and supply chain disruption causing rising inflation in many export markets, affecting customers’ purchasing power; exchange rate fluctuations and logistics costs causing higher expenses; or shortage of raw materials affects the operating activities, leading to limiting the competitiveness of Vietnamese enterprises.

In longer term, we still have a positive outlook on the potential of the industry due to geographical advantages, owning a dense system of rivers, long coastline, and favorable trade agreements with other countries and territories around the world, Vietnam still has quite considerable advantages to develop aquaculture sector.

Read the full rating announcement HERE.

Notice: Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. FiinRatings’ opinions, analyses, and rating acknowledgment decisions are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security.

About FiinRatings

FiinRatings Joint Stock Company, a member of FiinGroup and a technical collaboration partner with S&P Global Ratings, is a local licensed Credit Rating Agency in Vietnam. FiinRatings provides credit ratings and related services to issuers, creditors and investors in Vietnam credit market. FiinRatings is also Vietnam first green bonds approved verifier, in accordance with the green bond international standard by the Climate Bonds Initiative. For more information, please visit https://www.fiinratings.vn