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Banking & Finance

Moody's updates ratings of Vietnamese banks

Released at: 15:44, 16/08/2018

Moody's updates ratings of Vietnamese banks

Photo: Duc Anh

Ratings agency takes rating actions on number of local banks.

by Doanh Doanh

Moody’s Investors Service has upgraded the long-term local and foreign-currency deposit and issuer ratings of Vietcombank, BIDV, and VietinBank.

Moody’s also upgraded the long-term counterparty risk ratings (CRR) and counterparty risk assessments (CRAs) of VietinBank and BIDV and affirmed those of Vietcombank.

It also upgraded the long-term foreign-currency deposit ratings of ACB, Military Bank, and Techcombank. All other ratings of these three banks were affirmed.

At the same time, it upgraded the long-term local and foreign-currency bank deposit and issuer ratings of five banks: ABB, Lien Viet, TPBank, VIB, and VP Bank. All other ratings of these five banks were affirmed.

Moody’s has also upgraded the long-term CRR and CRA of SHB, HDBank, and OCB. All other ratings of these three banks were affirmed.

It has also changed the outlook for the local currency deposit and local and foreign-currency issuer ratings of eight banks - Vietcombank, BIDV, VietinBank, ABB, Lien Viet, TPBank, VIB and VP Bank - to stable from positive.

The rating actions follow Moody’s upgrade of Vietnam’s sovereign rating to Ba3 from B1 and change in outlook for the sovereign’s rating to stable from positive on August 10.

The credit ratings, assessments and outlooks assigned to the other two Moody’s-rated banks in Vietnam are unaffected by the upgrade and change in outlook of Vietnam’s sovereign rating. These two unaffected banks are the Saigon Thuong Tin Commercial Joint Stock Bank (Caa1 negative, caa2) and the Vietnam Maritime Commercial Joint Stock Bank (B3 stable, caa1).

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