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Rating Action:

Moody's takes rating actions on 14 banks and 1 branch in Vietnam, Thailand, Bangladesh, Malaysia and Bahrain following update to country ceilings methodology

09 Dec 2020

Singapore, December 09, 2020 -- Moody's Investors Service ("Moody's") has today upgraded several ratings of 10 banks in Vietnam, Thailand, Bangladesh and Malaysia, and downgraded several ratings of the Bahrain branch of an Indian bank. At the same time, Moody's has affirmed the long-term foreign currency deposit ratings of four banks in Vietnam, and changed the outlook on the ratings to stable from negative.

The rating actions are driven by changes in the local currency (LC) and foreign currency (FC) country ceilings applied to the jurisdictions of the banks and branch following the publication of Moody's updated Country Ceilings Methodology on 7 December 2020. This methodology is available here: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1225594.

Today's rating actions cover:

(1) United Overseas Bank (Thai) Public Co Ltd (UOB Thai)

(2) BRAC Bank Limited (BRAC Bank)

(3) Asia Commercial Bank (ACB)

(4) JSC Bank for Foreign Trade of Vietnam (Vietcombank)

(5) JSC Bank for Investment & Development of Vietnam (BIDV)

(6) Military Commercial Joint Stock Bank (MB)

(7) Vietnam Bank for Agriculture & Rural Development (Agribank)

(8) Vietnam JSC Bank for Industry and Trade (VietinBank)

(9) Vietnam Technological and Commercial Joint Stock Bank (Techcombank)

(10) Vietnam International Bank (VIB)

(11) Vietnam Prosperity Joint Stock Commercial Bank (VPBank)

(12) Orient Commercial Joint Stock Bank (OCB)

(13) Tien Phong Commercial Joint Stock Bank (TPBank)

(14) HSBC Bank Malaysia Berhad (HSBC Malaysia)

(15) HDFC Bank Limited, Bahrain Branch (HDFC Bank Bahrain Branch)

Please click on this link https://www.moodys.com/viewresearchdoc.aspx?docid=PBC_ARFTL436638 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 are driven by changes in country ceilings under Moody's updated country ceilings methodology. Country ceilings indicate the highest rating level that generally can be assigned to the financially strongest obligations of issuers domiciled in a country.

The updated ceilings methodology has unified deposit ceilings with the typically higher debt ceilings, whereby LC and FC country ceilings are no longer distinguished between deposit and debt ceilings. These changes reflect Moody's view that the risks that affect access to bank deposits are not materially different from those that affect the ability of banks and non-banks to service their debt obligations.

FOREIGN CURRENCY CEILINGS

As a result of the methodology change, FC ceilings as applied to FC deposits and/or debt have been raised in Vietnam, Thailand, Bangladesh and Malaysia, resulting in upgrades of the FC deposits and/or FC counterparty risk rating (CRR) of the 10 banks, as well as the affirmation of and change in outlook on the FC deposit ratings of the four Vietnamese banks.

The 10 banks identified above are UOB Thai, BRAC Bank, ACB, Vietcombank, BIDV, MB, Agribank, VietinBank, Techcombank and HSBC Malaysia.

The four Vietnamese banks identified above are VIB, VPBank, OCB and TPBank.

In the case of Bahrain, FC ceilings applicable to debt obligations were lowered, resulting in downgrades of the FC long-term CRR of HDFC Bank Bahrain Branch.

LOCAL CURRENCY CEILINGS

LC ceilings as applied to debt and deposits have been raised in Malaysia, resulting in an upgrade of the LC long-term CRR and the long-term CRA of HSBC Malaysia. Meanwhile, LC ceilings were lowered in Bahrain, resulting in a downgrade of the LC long-term CRR and the long-term CRA of HDFC Bank Bahrain Branch.

OUTLOOK

Moody's has changed the outlook on HSBC Malaysia's long-term foreign currency deposit rating to negative from stable, and the outlook on VIB, VPBank, OCB and TPBank's long-term foreign currency deposit ratings to stable from negative.

The rating outlooks for the other banks remain unchanged.

FACTORS THAT COULD LEAD TO AN UPGRADE OR DOWNGRADE OF THE RATINGS

HDFC Bank Limited, Bahrain Branch (HDFC Bank Bahrain Branch)

The ratings of HDFC Bank Bahrain Branch are based on the ratings of HDFC Bank Limited.

HDFC Bank Limited

Given the negative outlook, which is in line with the negative outlook on India's sovereign rating (Baa3 negative), HDFC Bank Limited's ratings are unlikely to be upgraded in the next 12-18 months. An upgrade of HDFC Bank Limited's Baseline Credit Assessment (BCA) is also unlikely because it is already at the same level as the Government of India's Baa3 rating. A raise of Bahrain's local and foreign ceilings will lead to an upgrade of HDFC Bank Bahrain Branch's long-term CRR and CRA.

Moody's could downgrade HDFC Bank Limited's BCA if its financial fundamentals deteriorate significantly. If all other rating factors are constant, the bank's BCA would come under pressure if it reports a significantly increased problem loan ratio or a significant decline in earnings, weakening its capitalization. A lowering of Bahrain's local and foreign ceilings will lead to a downgrade of HDFC Bank Bahrain Branch's long-term CRR and CRA.

United Overseas Bank (Thai) Public Co Ltd (UOB Thai)

Moody's could upgrade the bank's ratings if United Overseas Bank's BCA is upgraded. UOB Thai's BCA and adjusted BCA could be upgraded if the bank's asset quality and profitability improve substantially.

Moody's could downgrade UOB Thai's FC deposit rating if UOB's BCA is downgraded. UOB Thai's BCA could be downgraded if its capital deteriorates substantially because of credit costs or higher risk-weighted assets, particularly if the bank does not reverse that deterioration in the coming years.

BRAC Bank Limited (BRAC Bank)

Given the negative outlook, BRAC Bank's BCA and ratings are unlikely to be upgraded over the next 12-18 months. Nevertheless, Moody's could revise the outlook to stable if there is a steady improvement in the bank's asset quality, particularly in its corporate loans. Higher profitability and capitalization, driven by greater operational efficiency or lower funding costs because of an enlarged deposit franchise, will also support an outlook revision to stable.

Moody's could downgrade BRAC Bank's BCA and ratings if there is a significant deterioration in its asset quality, profitability and capitalization.

Asia Commercial Bank (ACB)

A rating upgrade is unlikely because ACB's long-term deposit and issuer ratings carry a negative outlook, and because the ratings are already at the same level as Vietnam's sovereign rating. Nevertheless, Moody's will affirm the bank's ratings with a stable outlook if Moody's affirms the sovereign rating at Ba3 with a stable outlook, and if there are no material changes to the bank's standalone credit strength.

Moody's will downgrade ACB's BCA, long-term ratings and assessment if Vietnam's sovereign rating is downgraded. The bank's ratings could also be downgraded if its financial fundamentals deteriorate significantly. If all other rating factors are constant, its BCA would come under pressure if the bank reports a significantly increased problem loan ratio or significantly reduced capitalization. A material deterioration in funding and liquidity could also be negative for the bank's ratings.

JSC Bank for Foreign Trade of Vietnam (Vietcombank)

A rating upgrade is unlikely because the outlook on Vietcombank's long-term deposit and issuer ratings is negative, and because the ratings are already at the same level as Vietnam's sovereign rating. Nevertheless, Moody's will affirm the bank's ratings with a stable outlook if Moody's affirms the sovereign rating at Ba3 with a stable outlook, and if there are no significant changes to the bank's standalone credit strength.

Moody's will downgrade Vietcombank's BCA, long-term ratings and assessments, if Vietnam's sovereign rating is downgraded. Vietcombank's BCA could also be downgraded if the bank's financial fundamentals deteriorate significantly. If all other rating factors are constant, its BCA would come under pressure if the bank reports significantly increased problem loan ratios or significantly reduced capitalization. A significant deterioration in funding and liquidity could also be negative for the ratings.

JSC Bank for Investment & Development of Vietnam (BIDV)

A rating upgrade is unlikely because the outlook on BIDV's long-term deposit and issuer ratings is negative, and because the ratings are already at the same level as Vietnam's sovereign rating. Nevertheless, Moody's will affirm the bank's ratings with a stable outlook if Moody's affirms Vietnam's sovereign rating at Ba3 with a stable outlook, and if there are no significant changes in the bank's standalone credit strength.

Moody's could upgrade BIDV's BCA if the bank maintains or improves its asset quality, and improves its capitalization substantially. A reduction in concentration to large borrowers will also be positive for the BCA.

Moody's will downgrade BIDV's long-term ratings and assessments if Vietnam's sovereign rating is downgraded. The bank's BCA could be downgraded if the bank's financial fundamentals deteriorate significantly. If all other rating factors are constant, its BCA would come under pressure if the bank reports significantly increased problem loan ratios or significantly reduced capitalization. A significant deterioration in funding and liquidity could also be negative for the BCA.

Military Commercial Joint Stock Bank (MB)

A rating upgrade is unlikely because the outlook on MB's long-term deposit and issuer ratings is negative, and because the ratings are already at the same level as Vietnam's sovereign rating. Nevertheless, Moody's will affirm the bank's ratings with a stable outlook if Moody's affirms Vietnam's sovereign rating at Ba3 with a stable outlook, and if there are no significant changes in the bank's standalone credit strength.

Moody's will downgrade MB's BCA, long-term ratings and assessments, if Vietnam's sovereign rating is downgraded. The bank's BCA could also be downgraded if its financial fundamentals deteriorate significantly. If all the other rating factors are constant, the BCA would come under pressure if the bank reports a significantly higher problem loan ratio or significantly reduced capitalization. A significant deterioration in funding and liquidity could also be negative for the BCA.

Vietnam Bank for Agriculture & Rural Development (Agribank)

A rating upgrade is unlikely because the outlook on Agribank's long-term deposit and issuer ratings is negative, and because the ratings are already at the same level as Vietnam's sovereign rating. Nevertheless, Moody's will affirm the bank's ratings with a stable outlook if Moody's affirms Vietnam's sovereign rating at Ba3 with a stable outlook, and if there are no significant changes in the bank's standalone credit strength. Agribank's BCA could be upgraded if the bank's standalone credit metrics improve, such as a significant improvement in its capital ratio.

Moody's will downgrade Agribank's long-term ratings and assessments if Vietnam's sovereign rating is downgraded. The bank's BCA could be downgraded if its financial fundamentals deteriorate significantly. With all the other rating factors remaining constant, the BCA would come under pressure if the bank reports a significantly higher problem loan ratio or significantly lower capitalization. A significant deterioration in funding and liquidity could also be negative for the BCA.

Vietnam JSC Bank for Industry and Trade (VietinBank)

A rating upgrade is unlikely because the outlook on VietinBank's long-term deposit and issuer ratings is negative, and because the ratings are already at the same level as Vietnam's sovereign rating. Nevertheless, Moody's will affirm the bank's ratings with a stable outlook if Moody's affirms Vietnam's sovereign rating at Ba3 with a stable outlook, and if there are no significant changes to the bank's standalone credit strength. VietinBank's BCA could be upgraded if the bank's capitalization increases significantly, along with improvements in its asset quality and profitability.

Moody's will downgrade VietinBank's long-term ratings if Vietnam's sovereign rating is downgraded. The bank's BCA could be downgraded if its financial fundamentals deteriorate significantly. If all the other rating factors are constant, the BCA would come under pressure if the bank reports a significantly higher problem loan ratio or significantly reduced capitalization. A significant deterioration in funding and liquidity will also be negative for the BCA.

Vietnam Technological and Commercial Joint Stock Bank (Techcombank)

A ratings upgrade is unlikely because the outlook on Techcombank's long-term deposit and issuer ratings is negative, and because these ratings are already the same as Vietnam's sovereign rating. Nevertheless, Moody's will affirm the bank's ratings with a stable outlook if Moody's affirms Vietnam's sovereign rating at Ba3 with a stable outlook, and if there are no significant changes to the bank's standalone credit strength.

Moody's will downgrade Techcombank's BCA, long-term ratings and assessment if Vietnam's sovereign rating is downgraded. The bank's long-term ratings could also be downgraded if its BCA is downgraded because of a significant increase in its problem loan ratio or a significant decrease in capitalization. A significant deterioration in funding and liquidity could also be negative for the BCA.

Vietnam International Bank (VIB)

Moody's could upgrade VIB's long-term bank deposit and issuer ratings if the bank's BCA is upgraded as a result of an improvement in its standalone credit metrics.

Moody's could downgrade the bank's ratings if its financial fundamentals deteriorate significantly. If all other rating factors are constant, the BCA would come under strain if the bank reports a significant increase in its problem loan ratios or a material reduction in capitalization. A significant deterioration in funding and liquidity could also strain the BCA.

Vietnam Prosperity Joint Stock Commercial Bank (VPBank)

Moody's could upgrade VPBank's ratings and assessments if the bank's BCA is upgraded as a result of an improvement in its standalone credit metrics.

Moody's could downgrade VPBank's ratings and assessments if there is a material deterioration in the bank's standalone credit metrics that leads to a downgrade of the bank's BCA.

Orient Commercial Joint Stock Bank (OCB)

Moody's could upgrade OCB's long-term bank deposit and issuer ratings if the bank's BCA is upgraded as a result of an improvement in its standalone credit metrics.

Moody's could downgrade the bank's ratings if its financial fundamentals deteriorate significantly. If all other rating factors are constant, the BCA would come under strain if the bank reports a significant increase in its problem loan ratios or a material reduction in capitalization. A significant deterioration in funding and liquidity could also strain the ratings.

Tien Phong Commercial Joint Stock Bank (TPBank)

Moody's could upgrade TPBank's long-term bank deposit and issuer ratings if the bank's BCA is upgraded as a result of an improvement in its standalone credit metrics.

Moody's could downgrade the bank's ratings if its financial fundamentals deteriorate significantly. If all other rating factors are constant, the BCA would come under strain if the bank reports a significant increase in its problem loan ratios or a material reduction in capitalization. A significant deterioration in funding and liquidity could also strain the ratings.

HSBC Bank Malaysia Berhad (HSBC Malaysia)

Given the negative outlook on HSBC Malaysia's long-term deposit ratings, an upgrade of the ratings is unlikely. However, Moody's could upgrade HSBC Malaysia's BCA if the bank's asset quality improves significantly.

A downgrade of the BCA of The Hongkong and Shanghai Banking Corp. Ltd (Aa2 negative, a1) could lead to a downgrade of HSBC Malaysia's long-term ratings. A deterioration in HSBC Malaysia's asset quality or capitalization could also pressure the bank's BCA.

PRINCIPAL METHODOLOGY

The principal methodology used in these ratings was Banks Methodology published in November 2019 and available at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1147865. Alternatively, please see the Rating Methodologies page on www.moodys.com for a copy of this methodology.

REGULATORY DISCLOSURES

The List of Affected Credit Ratings announced here are all solicited credit ratings. Additionally, the List of Affected Credit Ratings includes additional disclosures that vary with regard to some of the ratings. Please click on this link https://www.moodys.com/viewresearchdoc.aspx?docid=PBC_ARFTL436638 for the List of Affected Credit Ratings. This list is an integral part of this Press Release and provides, for each of the credit ratings covered, Moody's disclosures on the following items:

• Rating Solicitation

• Issuer Participation

• Participation: Access to Management

• Participation: Access to Internal Documents

• Disclosure to Rated Entity

• Endorsement

• Lead Analyst

• Releasing Office

For further specification of Moody's key rating assumptions and sensitivity analysis, see the sections Methodology Assumptions and Sensitivity to Assumptions in the disclosure form. Moody's Rating Symbols and Definitions can be found at: https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_79004.

For ratings issued on a program, series, category/class of debt or security this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series, category/class of debt, security 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.

Moody's general principles for assessing environmental, social and governance (ESG) risks in our credit analysis can be found at https://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1133569.

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.

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
Client Service: 852 3551 3077

Graeme Knowd
MD - Banking
Financial Institutions Group
JOURNALISTS: 852 3758 1350
Client Service: 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
Client Service: 852 3551 3077

No Related Data.
© 2021 Moody’s Corporation, Moody’s Investors Service, Inc., Moody’s Analytics, Inc. and/or their licensors and affiliates (collectively, “MOODY’S”). All rights reserved.

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