Moody's upgrades Vietnam Maritime

Moody's Investors Service said it upgraded the long-term local- and foreign-currency deposit and issuer ratings of Vietnam Maritime Commercial Joint Stock Bank to B2 from B3.

Moody's also said it upgraded the bank's long-term counterparty risk rating to B1 from B2 and its long-term counterparty risk assessment to B1(cr) from B2(cr).

The agency also said it upgraded the bank's baseline credit assessment and adjusted baseline credit assessment to B3 from Caa1.

The outlook is stable, in line with the stable outlook on Vietnam's sovereign rating, Moody's said.

The upgrades reflect the progress made by the bank in resolving its legacy problem assets in 2018, as well as profitability improvement in line with loan growth, the agency said.

While the bank's provisions against problem loans remain thin, the bank's strong capitalization provides an additional buffer against losses, Moody's said.

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