Moody's upgrades ratings on 14 Vietnamese banks

09:56 | 17/08/2018 Economy

Moody's Investors Service upgraded its ratings on 14 Vietnamese commercial banks, on August 14, following its upgrade of Vietnam's sovereign rating to Ba3 from B1 and the change in the outlook for the sovereign's rating, to stable from positive, on 10 August 2018.

moodys upgrades ratings on 14 vietnamese banks

Accordingly, the service has upgraded the long-term local and foreign-currency deposit and issuer ratings of JSC Bank for Foreign Trade of Vietnam (Vietcombank), Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), and Vietnam Joint-Stock Commercial Bank for Industry and Trade (VietinBank).

The long-term counterparty risk ratings (CRR) and counterparty risk assessments (CRAs) of VietinBank, BIDV, and Vietcombank were also upgraded.

In addition, Moody's has upgraded the long-term foreign-currency deposit ratings of Asia Commercial Bank (ACB), Military Commercial Joint Stock Bank (MB), and Vietnam Technological and Commercial Joint Stock Bank (Techcombank).

The service has upgraded the long-term local and foreign-currency bank deposit and issuer ratings of five banks, including An Binh Commercial Joint Stock Bank (ABB), Lien Viet Post Joint Stock Commercial Bank (Lien Viet), Tien Phong Commercial Joint Stock Bank (TPBank), Vietnam International Bank (VIB), and Vietnam Prosperity Joint Stock Commercial Bank (VP Bank).

Moody's has also upgraded the long-term CRR and CRA of Saigon - Hanoi Commercial Joint Stock Bank (SHB), Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank), and Orient Commercial Joint Stock Bank (OCB).

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

Theo NDO