S&P rates Vietcombank BB

Standard & Poor's said it assigned its BB/B counterparty credit ratings to Vietcombank (also known as Bank for Foreign Trade of Vietnam) with a bank fundamental strength rating of D.

The outlook is stable.

The ratings reflect Vietcombank's strong position in the domestic banking industry and expectations of extraordinary government support, given the bank's systemic importance to Vietnam, which is rated foreign-currency BB/stable/B, local-currency BB+/stable/B, the agency said.

However, S&P said these strengths are partly offset by Vietcombank's modest profitability and its weak asset quality and capitalization by international standards.

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