Vinacomin said to postpone $150 mln loan on volatile markets

Vietnam National Coal-Mineral Industries Group, the state-owned miner known as Vinacomin which had its long-term credit rating cut by Standard & Poor’s in December, postponed a $150 million loan, according to a person familiar with the matter.

The five-year deal, being arranged by Standard Chartered Plc, was to pay an all-in price of 318 basis points more than the London interbank offered rate and the borrower decided to postpone the transaction until markets are more conducive, the person said, asking not to be identified as details are private.

Hanoi-based Vinacomin’s corporate credit rating was cut to BB- from BB last year after a restructuring at a state-owned shipping company prompted a review of risk assumptions in the Southeast Asian nation. Moody’s Investors Service, S&P and Fitch Ratings all cut Vietnam’s sovereign debt rating deeper into so- called junk status in 2010.

thanhnien, Bloomberg

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