S&P Global Ratings lifted its long-term corporate credit rating on Vingroup Joint Stock Co. to B+ from B, with a stable outlook.

The rating agency said Vingroup has substantially improved its operating scale over the past few years and should maintain its solid market edge as Vietnam's largest property developer in the next 12 to 24 months. The company is likely to continue to diversify through satisfactory execution of property sales, while keeping its debt-to-EBITDA ratio below 4.0x for the next two years, S&P said.

S&P attributed the stable outlook to its view that Vingroup will likely maintain healthy sales and cash flows within the next 12 months and keep its EBITDA interest coverage between 2.7x and 3.5x in the next one to two years.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.