Moody's maintains its Ba3 credit rating and stable outlook for SeABank
13/09/2023
On September 13, 2023, the international credit rating agency Moody's Investors Service (Moody's) announced the credit rating assessment results for Southeast Asia Commercial Joint Stock Bank (SeABank, stock code SSB). Moody's has affirmed SeABank's credit rating at Ba3 and maintains a stable outlook for its development prospects. This reaffirmation of SeABank's rating with a stable outlook reflects Moody's expectations of the bank's high capital safety and improving performance.
According to Moody's, SeABank continues to receive a Ba3 credit rating for both Issuer and Foreign Currency Deposit ratings. Additionally, Moody's maintains SeABank's credit assessment (BCA) at B1. Moody's also affirms SeABank's TCE (Tangible Common Equity) ratio at 12.9% as of June 2023, which is among the highest for banks rated by Moody's in Vietnam.
In the context of various domestic and international market fluctuations, the financial and banking sector in Vietnam is facing numerous challenges. Moody's affirmation of SeABank's credit rating with a stable outlook reflects the organization's expectations of the bank's high capital adequacy and its ongoing improvements.
Moreover, Moody's decision to maintain SeABank's credit ratings at Ba3 and B1 reflects their positive assessment of the bank's improved asset quality management, high capital adequacy ratios, stable lending activities, and liquidity. This also signifies Moody's expectations that SeABank's creditworthiness will remain stable in the next 12-18 months.
