Moody's downgrades Vietnam

Moody's Investors Service said it downgraded Vietnam's foreign- and local-currency government bond ratings to B2 from B1.

The outlook is stable.

Moody's said the key drivers for this action are: (a) A higher likelihood that contingent risks to the government's balance sheet will be realized due to more pronounced weaknesses in the banking system; and (b) an expectation of lower medium-term growth prospects for the country's economy, stemming from the banking system's encumbered capability to intermediate credit.

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