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 to upgrade the rating of the Issuer and long-term deposits in domestic and foreign currencies of Southeast Asia Commercial Joint Stock Bank ( SeABank , stock code SSB) from B1 to Ba3.

The international credit rating organization Moody's Investors Service (Moody's) - one of the three leading credit rating organizations in the world has just announced the ratings for a number of Vietnamese banks. Accordingly, after 4 years of maintaining at B1 level, Moody's has upgraded SeABank's rating to Ba3 for the categories of long-term local (LC) and foreign currency (FC) deposit and issuer ratings. Previously, in April 2022, Moody's announced the upgrade of the baseline credit assessment (BCA) from B2 to B1 for SeABank and the credit rating at B1 level 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 the pioneering efforts 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%.

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