Moody's upgrades VPBank

Moody's Investors Service said it raised Vietnam Prosperity Joint Stock Commercial Bank's (VPBank) long-term local- and foreign-currency deposit and issuer ratings to Ba3 from B1, concluding its review for upgrade started on May 12. The agency also revised the outlook to positive from under review

Moody’s also revised the outlook to positive from under review, because it expects further strengthening of the bank's credit profile, driven by improvements to its asset quality and/or capital.

This rating action follows VPBank selling a 49% equity stake in subsidiary FE Credit to SMBC Consumer Finance Co., Ltd., a consolidated subsidiary of Sumitomo Mitsui Financial Group, Inc., the agency said.

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