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Rating Action:

Moody's takes rating actions on 14 Vietnamese banks

14 Aug 2018

Singapore, August 14, 2018 -- Moody's Investors 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).

Moody's also upgraded the long-term counterparty risk ratings (CRR) and counterparty risk assessments (CRAs) of VietinBank and BIDV, and affirmed those of Vietcombank.

Moody's has also upgraded the long-term foreign-currency deposit ratings of Asia Commercial Bank (ACB), Military Commercial Joint Stock Bank (Military Bank), and Vietnam Technological and Commercial Joint Stock Bank (Techcombank). All other ratings of these three banks were affirmed.

At the same time, Moody's has upgraded the long-term local and foreign-currency bank deposit and issuer ratings of five banks. The affected banks are: (1) An Binh Commercial Joint Stock Bank (ABB), (2) Lien Viet Post Joint Stock Commercial Bank (Lien Viet), (3) Tien Phong Commercial Joint Stock Bank (TPBank), (4) Vietnam International Bank (VIB), and (5) Vietnam Prosperity Joint Stock Commercial Bank (VP Bank). All other ratings of these five banks were affirmed.

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). All other ratings of these three banks were affirmed.

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

The rating actions follow Moody's upgrade of Vietnam's sovereign rating to Ba3 from B1, and change in the outlook for the sovereign's rating to stable from positive on 10 August 2018. For more information on the sovereign credit rating action, please refer to the Government of Vietnam issuer page on www.moodys.com.

The baseline credit assessments (BCAs) and adjusted BCAs assigned to the 14 banks stated above are unaffected by today's rating actions.

The credit ratings, assessments and outlooks assigned to the other two Moody's-rated banks in Vietnam are unaffected by the upgrade and change in outlook of Vietnam's sovereign rating. These two unaffected banks are: Saigon Thuong Tin Commercial Joint-Stock Bank (Caa1 negative, caa2) and Vietnam Maritime Commercial Joint Stock Bank (B3 stable, caa1).

Please click on this link http://www.moodys.com/viewresearchdoc.aspx?docid=PBC_200431 for the List of Affected Credit Ratings. This list is an integral part of this press release and identifies each affected issuer.

RATINGS RATIONALE

Today's rating actions on the 14 Vietnamese banks are driven by Moody's upgrade of Vietnam's sovereign rating to Ba3 from B1.

Vietnam's sovereign credit strength is a key input in Moody's deposit and issuer ratings for Vietnamese banks, because the country's credit strength affects Moody's assessment of the government's capacity to provide support to the banks in times of stress.

The upgrade in Vietnam's sovereign rating to Ba3 is underpinned by strong trends in growth, underway for the past decade, that are well-supported by a robust external sector and favorable consumption trends. This in turn has supported a stabilization in debt levels. The upgrade also reflects improvements in the health of the banking sector, albeit from relatively weak levels.

Following the upgrade of Vietnam's sovereign rating, the foreign currency deposit ceiling is raised to B1 from B2, driving the upgrade of the long-term foreign-currency deposit rating of 11 banks.

UPGRADE OF VIETNAM GOVERNMENT'S RATING LED TO A WIDENING OF GOVERNMENT SUPPORT NOTCHING

Moody's factors in the assumption of a "Very High" probability of government support in times of need into the ratings of the three government-owned banks -- Vietcombank, BIDV, and VietinBank -- and a "Moderate" probability of government support in times of need into the ratings of the remaining rated private sector banks.

Moody's government support assumption is driven by the relative systemic importance of these banks to the Vietnamese banking system as well as, in the case of government-owned banks, their ownership structures.

In light of the support assumption, the upgrade of the sovereign rating led to a one-notch widening of government support uplift to eight banks' -- ABB, Vietcombank, BIDV, Lien Viet, TPBank, VIB, VietinBank, and VP Bank -- long-term local-currency bank deposit and local and foreign-currency issuer ratings. The CRA and CRR of five banks -- HDBank, BIDV, OCB, SHB, and VietinBank -- are also upgraded because of the one-notch widening of government support uplift.

WHAT COULD MOVE THE RATINGS UP

Vietcombank, BIDV, and VietinBank

The long-term local-currency bank deposit and local and foreign-currency issuer ratings of Vietcombank, BIDV, and VietinBank are already at the level of Vietnam's sovereign rating of Ba3 stable. As such, the banks' ratings could be upgraded if the sovereign rating is upgraded.

The banks' foreign-currency bank deposit ratings are constrained by the B1 foreign-currency deposit ceiling for Vietnam.

The BCAs of Vietcombank, BIDV, and VietinBank could be upgraded if the banks demonstrate an improvement in asset quality and capitalization, supported by continued strength in their funding and liquidity.

ACB, Military Bank, Techcombank

The long-term ratings of these Vietnamese banks could be upgraded if the sovereign rating of Vietnam is upgraded, and/or the banks post improved standalone credit metrics that lead to higher BCAs.

ABB, HDBank, Lien Viet, OCB, SHB, TPBank, VIB, and VP Bank

The long-term ratings of these Vietnamese banks could be upgraded if both these two conditions are met: (1) the sovereign rating of Vietnam is upgraded, and (2) the banks post improved stand-alone credit metrics that lead to higher BCAs.

The BCAs of the 14 Vietnamese banks could also be upgraded if the macroeconomic and operating conditions for banks in Vietnam improve, leading to a higher Macro Profile for the country.

WHAT COULD MOVE THE RATINGS DOWN

Vietcombank, BIDV, and VietinBank

The long-term ratings of Vietcombank, BIDV, and VietinBank could be downgraded if the sovereign rating is downgraded, and/or Moody's assesses that government support for these banks has weakened.

The BCAs of these banks could be downgraded if their financial fundamentals deteriorate significantly. If all other rating factors are constant, the BCAs would come under adverse pressure if the banks report significantly increased problem loan ratios or significantly reduced capitalization. A material deterioration in funding and liquidity could also be negative for the ratings.

ACB, Military Bank, and Techcombank

The long-term ratings of these Vietnamese banks could be downgraded if their BCAs are downgraded due to a material deterioration in the banks' financial fundamentals. If all other rating factors are constant, the BCAs would come under adverse pressure if the banks report significantly increased problem loan ratios or significantly reduced capitalization. A material deterioration in funding and liquidity could also be negative for the ratings.

ABB, HDBank, Lien Viet, OCB, SHB, TPBank, VIB, and VP Bank

The long-term ratings of these Vietnamese banks could be downgraded if the sovereign rating of Vietnam is downgraded, and/or if the banks' BCAs are downgraded due to a significant deterioration in their financial fundamentals. If all other rating factors are constant, the BCAs would come under adverse pressure if the banks report significantly increased problem loan ratios or significantly reduced capitalization. A material deterioration in funding and liquidity could also be negative for the ratings.

The principal methodology used in these ratings was Banks published in August 2018. Please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

An Binh Commercial Joint Stock Bank (ABB), headquartered in Ho Chi Minh City, reported total assets of VND74,124 billion ($3.25 billion) as of 31 March 2018.

Asia Commercial Bank (ACB), headquartered in Ho Chi Minh City, reported total assets of VND309,968 billion ($13.45 billion) as of 30 June 2018.

Ho Chi Minh City Development Joint Stock Commercial Bank (HDBank), headquartered in Ho Chi Minh City, reported total assets of VND191,293 billion ($8.30 billion) as of 30 June 2018.

JSC Bank for Foreign Trade of Vietnam (Vietcombank), headquartered in Hanoi, reported total assets of VND977,682 billion ($42.42 billion) as of 30 June 2018.

Joint Stock Commercial Bank for Investment and Development of Vietnam (BIDV), headquartered in Hanoi, reported total assets of VND1,268,549 billion ($55.05 billion) as of 30 June 2018.

Lien Viet Post Joint Stock Commercial Bank (Lien Viet), headquartered in Hanoi, reported total assets of VND175,881 billion ($7.63 billion) as of 30 June 2018.

Military Commercial Joint Stock Bank (Military Bank), headquartered in Hanoi, reported total assets of VND333,203 billion ($14.46 billion) as of 30 June 2018.

Orient Commercial Joint Stock Bank (OCB), headquartered in Ho Chi Minh City, reported total assets of VND90,831 billion ($3.94 billion) as of 30 June 2018.

Saigon - Hanoi Commercial Joint Stock Bank (SHB), headquartered in Hanoi, reported total assets of VND303,831 billion ($13.18 billion) as of 30 June 2018.

Tien Phong Commercial Joint Stock Bank (TPBank), headquartered in Hanoi, reported total assets of VND126,533 billion ($5.49 billion) as of 30 June 2018.

Vietnam International Bank (VIB), headquartered in Hanoi, reported total assets of VND127,238 billion ($5.52 billion) as of 30 June 2018.

Vietnam Joint-Stock Commercial Bank for Industry and Trade (VietinBank), headquartered in Hanoi, reported total assets of VND1,140,081 billion ($49.47 billion) as of 30 June 2018.

Vietnam Prosperity Joint Stock Commercial Bank (VP Bank), headquartered in Hanoi, reported total assets of VND293,112 billion ($12.72 billion) as of 30 June 2018.

Vietnam Technological and Commercial Joint Stock Bank (Techcombank), headquartered in Hanoi, reported total assets of VND300,404 billion ($13.04 billion) as of 30 June 2018.

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.

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

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 rating analyst and the Moody's legal entity that has issued the ratings.

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.

Rebaca Tan
Analyst
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
Client Service: 852 3551 3077

Graeme Knowd
MD - Banking
Financial Institutions Group
JOURNALISTS: 81 3 5408 4110
Client Service: 81 3 5408 4100

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

No Related Data.
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