Moody's upgrades SeABank's rating to Ba3

Moody's - one of the three most prestigious credit rating organizations in the world, has just announced upgrading the rating of the Issuer and long-term domestic and foreign currency deposits of Southeast Asia Commercial Joint Stock Bank (SeABank, stock code SSB) from B1 to Ba3.

International credit rating agency Moody's Investors Service (Moody's) - one of the world's top 3 credit rating agencies has just announced ratings for a number of Vietnamese banks. Accordingly, after 4 years of maintaining at B1, Moody's has upgraded SeABank's rating to Ba3 for the long-term local (LC) and foreign currency (FC) deposit and issuer ratings. Previously, in April 2022, Moody's announced an increase in the baseline credit assessment (BCA) from B2 to B1 for SeABank and a credit rating at B1 while raising the development outlook from Stable to Positive.

The fact that SeABank has been continuously upgraded by Moody's shows the organization's positive assessment of the increasingly strengthened economic strength and financial potential, liquidity, and resilience of the bank to external macroeconomic fluctuations. At the same time, it affirms the prestige, position, and potential of SeABank with customers, partners, especially international organizations, as well as its efforts to be at the forefront in meeting the highest international standards, proactively managing and operating business activities in a transparent, safe, and sustainable manner.

This positive assessment by Moody's was announced after Vietnam's long-term national credit rating was upgraded from Ba3 to Ba2 with a Stable outlook and in the context of SeABank's outstanding achievements in the first 6 months of 2022 with total assets reaching VND 229,723 billion; pre-tax profit reaching VND 2,806 billion; total net income TOI reaching VND 5,029 billion, up 57% over the same period in 2021; Net non-interest income (NOII) grew impressively to VND 1,736 billion, cost-to-income ratio (CIR) at 30.3%. The bad debt ratio continued to decrease to 1.6%.

People

source