BSR credit rating affirmed at BB+ by Fitch Ratings

Fitch Ratings has affirmed the long-term foreign-currency credit rating of Binh Son Refining and Petrochemical Joint Stock Company (BSR) at ‘BB+’ with a ‘Stable’ outlook. This rating is equivalent to that of Petrovietnam and the Government of Vietnam, representing the highest rating BSR can achieve under the sovereign ceiling.

Fitch attributed the rating to BSR’s solid financial foundation, strong liquidity, and ability to maintain a net cash position even during periods of significant capital investment. The agency noted that BSR’s healthy financial status and access to capital provide the flexibility needed to implement investment plans and maintain resilience against market volatility.

BSR holds a significant market position, with its Dung Quat Refinery accounting for approximately 43% of Vietnam’s installed refining capacity and meeting nearly 35% of the country’s fuel demand. In the first half of 2026, the refinery maintained high operating capacity, occasionally reaching 125% of its design capacity. Fitch also highlighted the upcoming Dung Quat Refinery Upgrade and Expansion Project as a key driver for BSR’s long-term competitiveness.