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Moody's revises outlook on Vietnam's Maritime Bank to stable

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Moody's revises outlook on Vietnam's Maritime Bank to stable

Moody's revised the outlook on Vietnam Maritime Commercial Joint Stock Bank, or Maritime Bank, to stable from positive.

The rating agency said Aug. 14 that it also affirmed the bank's local- and foreign-currency bank deposit and issuer ratings at B3/Not Prime, as well as its baseline credit assessment and adjusted baseline credit assessment at "caa1."

The lender's counterparty risk ratings were also affirmed at B2/Not Prime.

The change in outlook reflects the rating agency's view that the Vietnamese bank's long-term ratings will remain stable over the next 12 to 18 months. The deposit and issuer ratings also incorporate a one-notch uplift from the bank's baseline credit assessment on the back of Moody's expectation that the Vietnamese government will offer a moderate probability of support in times of need.

Meanwhile, the rating affirmation reflects the elevated asset risks in the lender's balance sheet, thin capital buffer in the context of the bank's large share of assets and weak profitability. Moody's expects Maritime Bank's profitability to slightly improve over the next 12 to 18 months as it expands its loan portfolio.