Moody's cuts Vietnamese banks

Moody's Investors Service said it downgraded the local and foreign currency deposit ratings of all eight Moody's-rated Vietnamese banks.

The bank financial strength ratings of all eight banks are now placed at E, mapping to Caa1 on the long-term scale. These ratings were previously at E+, mapping to a range of B1 to B2 among individual banks on the long-term scale.

Moody's said the rating downgrades primarily reflect the concurrent downgrade of all eight banks' standalone credit assessments, as well as the parallel downgrade of the Government of Vietnam.

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