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S&P upgrades Cambodia's Advanced Bank of Asia on market share growth

S&P Global Ratings on Dec. 12 said it upgraded the long-term issuer rating of Cambodia-based Advanced Bank of Asia Ltd. to B+ from B due to its material and growing market share of loans and deposits, as well as above-average profitability.

The outlook is stable. In addition, the rating agency affirmed the bank's B short-term issuer credit rating.

Ratings said Advanced Bank of Asia's market share is sustainable in Cambodia's volatile operating environment. The rating agency added that it estimates the bank's market share to be about 10% for loans and about 12% for deposits as of June 30. Given the bank's rapid loan growth, Ratings believes that the bank's parent, National Bank of Canada will continue to inject capital into the bank.

Meanwhile, the stable outlook reflects the view that the bank will sustainability manage its rapid loan and deposit growth.

This S&P Global Market Intelligence news article may contain information about credit ratings issued by S&P Global. Descriptions in this news article were not prepared by S&P Global Ratings.The original S&P Global Ratings document referred to in this news brief can be found here.