Hanoi, Oct. 2 -- Fitch Ratings upgraded the Standalone Credit Profile (SCP) of Northern Power Corporation (EVNNPC), a unit of Electricity of Vietnam (EVN), to "bb+" from "bb" while affirming its Long-Term Foreign-Currency Issuer Default Rating at "BB+", with a stable outlook.

The SCP upgrade was the main change in this year's review. Fitch pointed to EVNNPC's continued improvement and a more effective electricity tariff adjustment mechanism in Vietnam. It also cited the close ties between EVNNPC and its parent, with the unit's SCP now at the same level with EVN's.

Fitch said EVNNPC holds a strong market position as the electricity distributor for northern Vietnam, backed by a diversified customer base. Both support operational stability...