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Rating Action:

Moody's places ratings of seven Vietnamese banks on review for upgrade

05 Sep 2016

Singapore, September 05, 2016 -- Moody's Investors Service, ("Moody's") has today placed on review for upgrade the long-term credit ratings of seven Vietnamese banks.

At the same time, Moody's has placed on review for upgrade the baseline credit assessments (BCAs) and long-term counterparty risk assessments (CRAs) of these seven banks and those of two more banks.

The institutions affected are: An Binh Commercial Joint Stock Bank (ABB), Asia Commercial Bank (ACB), JSC Bank for Foreign Trade of Vietnam (Vietcombank), Military Commercial Joint Stock Bank (Military Bank), Saigon - Hanoi Commercial Joint Stock Bank (SHB), Saigon Thuong Tin Commercial Joint-Stock Bank (Sacombank), Vietnam Bank for Industry and Trade (Vietinbank), Vietnam International Bank (VIB), and Vietnam Technological and Comm'l JSB (TCB).

The rating action reflects Moody's expectation that the more benign operating and economic environment for banks in Vietnam (B1 stable) will lead to improvements in the banks' credit profiles and notably their asset quality and profitability metrics, while also contributing to relative stability in their funding and liquidity.

The improvement in the operating and economic environment for banks has been reflected in Moody's change of Vietnam's Macro Profile to "Weak" from "Weak-". A Macro Profile captures the risks related to the banks' operating and economic environment.

Despite the improvement, Moody's considers that the Vietnamese banking system remains undercapitalized against the backdrop of rapid credit growth and a high share of legacy problem assets which are not always adequately disclosed on the banks' balance sheets. Moody's expects that these challenges will continue to persist in the medium-term, despite some improvements.

Moody's expects to conclude the review on the Vietnamese banks within the next 90 days.

The BCAs and long-term ratings of Bank for Investment & Development of Vietnam, Vietnam Maritime Commercial Joint Stock Bank, and Vietnam Prosperity Jt. Stk. Commercial Bank are not affected by this action.

RATINGS RATIONALE

IMPROVED OPERATING AND ECONOMIC CONDITIONS LEAD TO A HIGHER MACRO PROFILE

The rating action reflects Moody's expectation that the somewhat improved operating and economic environment for banks in Vietnam will support the banks' asset quality and profitability metrics, while also contributing to relative stability in their funding and liquidity profiles.

To capture the improved operating and economic conditions for Vietnamese banks, Moody's has increased Vietnam's Macro Profile to "Weak" from "Weak-".

According to Moody's, Vietnamese banks benefit from the country's robust economic growth, as well as from the enhanced—albeit still weak—institutional strength.

Moody's expects that Vietnam's GDP will expand by 6.0% in real terms in both 2016 and 2017, supported by the recovery of domestic demand and robust export performance. The robust economic performance is positive for Vietnamese banks because it supports their liquidity and funding profiles, and improves the recovery value of the banks' legacy problem assets.

Vietnam's institutional strength has improved for a third consecutive year, reflecting a longer track record of benign inflation, improved government effectiveness, rule of law and control of corruption as reflected in better scores on the World Bank's Worldwide Governance Indicators, as well as the recent progress on economic reform.

The robust economic growth and improved business confidence contribute to the rapid credit growth in Vietnam, raising concerns about the quality of new bank credit. Moody's generally views rapid credit growth as negative for the banks' future asset quality. According to the World Bank, Vietnam's domestic credit to the private sector has increased to 112% of GDP in 2015 -- a high level for a developing country -- from 100% in 2014.

WHAT COULD CHANGE THE RATINGS UP/DOWN

During the review process, Moody's will assess the materiality and sustainability that the improved operating conditions in Vietnam might have on the banks' standalone credit profiles, or BCAs.

In case improvements in solvency and liquidity metrics are viewed as tangible and sustainable, Moody's will consider upgrading the banks' BCAs, which in turn could lead to upgrades of their long-term credit ratings.

Moody's notes that the possible improvements in the banks' asset quality and profitability metrics will be considered in the context of the banks' capital buffers, which weakened in 2015 for most Moody's-rated banks in Vietnam because of rapid credit growth and weak internal capital generation.

The long-term CRAs of nine banks were placed on review for upgrade due to the upward pressure on their BCAs.

RATIONALE BEHIND THE AFFIRMATION OF RATINGS

Moody's has affirmed the long-term deposit and issuer ratings of Vietinbank and Vietcombank because their ratings are already positioned at the same level as the rating and ceilings of the government of Vietnam. The outlook on these bank ratings is stable.

Moreover, Moody's has affirmed the B2 foreign currency deposit ratings of ABB, ACB, VIB and TCB because these ratings are constrained by the B2 foreign currency deposit ceiling for Vietnam. The outlook's on VIB's B2 foreign currency deposit rating was revised to stable, in line with the outlook on the sovereign rating.

The principal methodology used in these ratings was Banks published in January 2016. Please see the Ratings Methodologies page on www.moodys.com for a copy of this methodology.

Taking into account today's announcement, the affected ratings are as follows:

An Binh Commercial Joint Stock Bank

- The local currency long-term deposit rating was placed on review for upgrade, currently at B2

- The foreign currency long-term deposit rating was affirmed at B2, outlook remains stable

- The local currency and foreign currency long-term issuer ratings were placed on review for upgrade, currently at B2

- The BCA and adjusted BCA were placed on review for upgrade, currently at b3

- The long-term counterparty risk assessment was placed on review for upgrade, currently at B2(cr)

- The local currency and foreign currency short-term deposit ratings were affirmed at NP

- The local currency and foreign currency short-term issuer ratings were affirmed at NP

- The short-term counterparty risk assessment was affirmed at NP(cr)

- Outlook for the bank revised to review for upgrade from stable

Headquartered in Ho Chi Minh, the bank reported total assets of VND 64,375 billion (USD 2.9 billion) at end-December 2015.

Asia Commercial Bank

- The local currency long-term deposit rating was placed on review for upgrade, currently at B2

- The foreign currency long-term deposit rating was affirmed at B2, outlook remains stable

- The local currency and foreign currency long-term issuer ratings were placed on review for upgrade, currently at B2

- The BCA and adjusted BCA were placed on review for upgrade, currently at b3

- The long-term counterparty risk assessment was placed on review for upgrade, currently at B2(cr)

- The local currency and foreign currency short-term deposit ratings were affirmed at NP

- The local currency and foreign currency short-term issuer ratings were affirmed at NP

- The short-term counterparty risk assessment was affirmed at NP(cr)

- Outlook for the bank revised to review for upgrade from stable

Headquartered in Ho Chi Minh, the bank reported total assets of VND 201,457 billion (USD 9.0 billion) at end-December 2015.

JSC Bank for Foreign Trade of Vietnam

- The local currency long-term deposit rating was affirmed at B1, outlook remains stable

- The foreign currency long-term deposit rating was affirmed at B2, outlook remains stable

- The local currency and foreign currency long-term issuer ratings were affirmed at B1; outlook remains stable

- The BCA and adjusted BCA were placed on review for upgrade, currently at b2

- The long-term counterparty risk assessment was placed on review for upgrade, currently at B1(cr)

- The local currency and foreign currency short-term deposit ratings were affirmed at NP

- The local currency and foreign currency short-term issuer ratings were affirmed at NP

- The short-term counterparty risk assessment was affirmed at NP(cr)

- Outlook for the bank maintained at stable

Headquartered in Hanoi, the bank had total assets of VND 679,001 billion (USD 31.0 billion) at end-June 2016.

Military Commercial Joint Stock Bank

- The local and foreign currency long-term deposit ratings were placed on review for upgrade, currently at B3

- The local currency and foreign currency long-term issuer ratings were placed on review for upgrade, currently at B3

- The BCA and adjusted BCA were placed on review for upgrade, currently at caa1

- The long-term counterparty risk assessment of B2(cr) was placed on review for upgrade

- The local currency and foreign currency short-term deposit ratings were affirmed at NP

- The local currency and foreign currency short-term issuer ratings were affirmed at NP

- The short-term counterparty risk assessment was affirmed at NP(cr)

- Outlook for the bank revised to review for upgrade from positive

Headquartered in Hanoi, the bank had total assets of VND 221,042 billion (USD 9.8 billion) at end-December 2015.

Saigon - Hanoi Commercial Joint Stock Bank

- The local and foreign currency long-term deposit ratings were placed on review for upgrade, currently at B3

- The local currency and foreign currency long-term issuer ratings were placed on review for upgrade, currently at B3

- The BCA and adjusted BCA were placed on review for upgrade, currently at caa1

- The long-term counterparty risk assessment was placed on review for upgrade, currently at B2(cr)

- The local currency and foreign currency short-term deposit ratings were affirmed at NP

- The local currency and foreign currency short-term issuer ratings were affirmed at NP

- The short-term counterparty risk assessment was affirmed at NP(cr)

- Outlook for the bank revised to review for upgrade from stable

Headquartered in Hanoi, the bank had total assets of VND 204,704 billion (USD 9.1 billion) at end-December 2015.

Saigon Thuong Tin Commercial Joint-Stock Bank

- The local and foreign currency long-term deposit ratings were placed on review for upgrade, currently at B3

- The local currency and foreign currency long-term issuer ratings were placed on review for upgrade, currently at B3

- The BCA and adjusted BCA were placed on review for upgrade, currently at caa1

- The long-term counterparty risk assessment was placed on review for upgrade, currently at B2(cr)

- The local currency and foreign currency short-term deposit ratings were affirmed at NP

- The local currency and foreign currency short-term issuer ratings were affirmed at NP

- The short-term counterparty risk assessment was affirmed at NP(cr)

- Outlook for the bank revised to review for upgrade from stable

Headquartered in Ho Chi Minh, the bank had total assets of VND 210,778 billion (USD 9.7 billion) at end-June 2015.

Vietnam Bank for Industry and Trade

- The local currency long-term deposit rating was affirmed at B1, outlook remains stable

- The foreign currency long-term deposit rating was affirmed at B2, outlook remains stable

- The local currency and foreign currency long-term issuer ratings were affirmed at B1; outlook remains stable

- The foreign currency senior unsecured rating was affirmed at B1; outlook remains stable

- The BCA and adjusted BCA were placed on review for upgrade, currently at b3

- The long-term counterparty risk assessment was placed on review for upgrade, currently at B1(cr)

- The local currency and foreign currency short-term deposit ratings were affirmed at NP

- The local currency and foreign currency short-term issuer ratings were affirmed at NP

- The short-term counterparty risk assessment was affirmed at NP(cr)

- Outlook for the bank maintained at stable

Headquartered in Hanoi, the bank had total assets of VND 779,483 billion (USD 34.7 billion) at end-December 2015.

Vietnam International Bank

- The local currency long-term deposit rating was placed on review for upgrade, currently at B2

- The foreign currency long-term deposit rating was affirmed at B2, outlook revised to stable from positive

- The local currency and foreign currency long-term issuer ratings were placed on review for upgrade, currently at B2

- The BCA and adjusted BCA were placed on review for upgrade, currently at b3

- The long-term counterparty risk assessment was placed on review for upgrade, currently at B2(cr)

- The local currency and foreign currency short-term deposit ratings were affirmed at NP

- The local currency and foreign currency short-term issuer ratings were affirmed at NP

- The short-term counterparty risk assessment was affirmed at NP(cr)

- Outlook for the bank revised to review for upgrade from positive

Headquartered in Hanoi, the bank had total assets of VND 84,309 billion (USD 3.8 billion) at end-December 2015.

Vietnam Technological and Comm'l JSB

- The local currency long-term deposit rating was placed on review for upgrade, currently at B2

- The foreign currency long-term deposit rating was affirmed at B2, outlook remains stable

- The local currency and foreign currency long-term issuer ratings were placed on review for upgrade, currently at B2

- The BCA and adjusted BCA were placed on review for upgrade, currently at b3

- The long-term counterparty risk assessment was placed on review for upgrade, currently at B2(cr)

- The local currency and foreign currency short-term deposit ratings were affirmed at NP

- The local currency and foreign currency short-term issuer ratings were affirmed at NP

- The short-term counterparty risk assessment was affirmed at NP(cr)

- Outlook for the bank revised to review for upgrade from stable

Headquartered in Hanoi, the bank had total assets of VND 191,994 billion (USD 8.5 billion) at end-December 2015.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the credit rating action on the support provider and in relation to each particular credit rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this credit rating action, and whose ratings may change as a result of this credit rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

The below contact information is provided for information purposes only. Please see the ratings tab of the issuer page at www.moodys.com, for each of the ratings covered, Moody's disclosures on the lead analyst and the Moody's legal entity that has issued the ratings.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Eugene Tarzimanov
VP - Senior Credit Officer
Financial Institutions Group
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Stephen Long
MD - Financial Institutions
Financial Institutions Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

Releasing Office:
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (852) 3551-3077

No Related Data.
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