Vietnam appoints Standard Chartered as credit ratings adviser

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Vietnam appointed Standard Chartered Bank Plc to advise on improving the country's sovereign debt rating, as it seeks to attract foreign investment, the lender said in an e-mailed press release Thursday.

"We will assist the government in its strategic initiative to engage actively the rating agencies and, through them, the broader investor community," Louis Taylor, Vietnam chief executive for Standard Chartered, said in the release.

Moody's Investors Service has a B1 credit rating for Vietnam, four levels below investment grade. The New York-based company downgraded Vietnam's long-term foreign-currency rating in December 2010, as did Standard & Poor's.

Finance Minister Vuong Dinh Hue on Dec. 20 announced that Vietnam would establish a working group tasked with improving the country's sovereign ratings.

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