S&P lifts Vietnam Joint Stock Bank

Standard & Poor's said it raised its long-term issuer credit rating on Vietnam Joint Stock Commercial Bank for Industry and Trade to BB- from B+. The outlook is stable.

The agency said it also raised the long-term Asean regional scale rating on the bank to axBB+ from axBB.

At the same time, the agency said it affirmed the B short-term issuer credit rating and the axB short-term Asean regional scale rating on Vietinbank. The agency said it also raised the issue rating on the bank's senior unsecured notes to BB- from B+.

S&P said it raised the rating because it expects Vietinbank's stand-alone credit profile to improve after Bank of Tokyo-Mitsubishi UFJ Ltd. acquires a stake in the bank.

The agency said it also revised Vietinbank's stand-alone credit profile to bb- from b+. S&P said it anticipates that the bank's capital position will improve to weak from very weak after the acquisition.

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