VietNamNet Bridge – Fitch Ratings has withdrawn Vietnam’s Hoang Anh Gia Lai JSC's (HAGL) long-term foreign and local currency issuer default ratings of 'B' respectively. The 'B-' rating on its US$75 million notes due 2016 has also been withdrawn, according to Fitch’s announcement.

The ratings remained on Rating Watch Negative (RWN), where they were placed on 31 May 2012, at withdrawal.

According to the announcement, Fitch has withdrawn the ratings due to insufficient information. Fitch will no longer provide ratings or analytical coverage of this issuer.

HAGL’s Deputy General Director, Mr. Vo Truong Son, told VNExpress online newswire on October 24 that Fitch withdrew the ratings at the request of this business. In early October, another credit rating agency - S & P's - also withdrew HAGL’s ratings at this firm’s request.

S & P's downgraded the outlook of HAGL from B to B- with a negative outlook in late 2011. Then Fitch also provided ratings B and similar prospects in mid-March of this year, due to concerns about the difficulties of HAGL in the field of real estate and its ability to collect debts. However, the ratings were fiercely opposed by HAGL, saying that the rating agencies did not have sufficient information.

Son said this is a temporary decision.

Earlier this year, Fitch withdrew ratings of 887 financial institutions in the world.

Compiled by M. Lan