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Moody's acts on 18 Vietnamese banks after review for downgrade

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Moody's acts on 18 Vietnamese banks after review for downgrade

Moody's on Dec. 19 took ratings actions on 18 Vietnamese banks, concluding its reviews for downgrade that it initiated in October.

The rating agency said Dec. 19 it confirmed long-term local and foreign currency deposit and issuer ratings of Asia Commercial JSB, Ho Chi Minh City Development JSCB, JSC Bank for Foreign Trade of Vietnam, or Vietcombank, JSCB for Investment and Development of Vietnam, or BIDV, LienViet Post JSCB, Military Commercial JSB, or Military Bank, Southeast Asia Commercial JSB, or SeABank, Vietnam Bank for Agriculture & Rural Development, or Agribank, Vietnam JSC Bank for Industry & Trade, or VietinBank, and Vietnam Technological and Commercial JSB, or Techcombank.

The outlooks on the ratings of these banks were changed to negative from ratings under review for downgrade.

Of the 18 banks, Moody's confirmed the long-term foreign currency deposit ratings of An Binh Commercial JSB, Orient Commercial JSB, or Orient Bank, Tien Phong Commercial JSB, or TPBank, Vietnam International Commercial JSB, or VIB Bank, and Vietnam Prosperity JSCB, or VP Bank, and changed their outlooks to negative from ratings under review for downgrade.

Among other ratings actions, the rating agency said it confirmed long-term counterparty assessments and counterparty risk ratings of Nam A Commercial JSB, Saigon - Hanoi Commercial JSB and Vietnam Maritime Commercial JSB, or Maritime Bank.

Moody's said its rating actions on the 18 banks are driven by Vietnam's sovereign rating. The rating agency on Dec. 18 confirmed Vietnam's local- and foreign-currency issuer and senior unsecured ratings at Ba3, with a negative outlook, after concluding its review for downgrade.