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Moody’s affirmed Ba3 rating and stable outlook for SeABank
HANOI, Vietnam, Sept. 15, 2023 /PRNewswire/ — 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 rating at Ba3 and stable outlook. The affirmation of SeABank’s ratings with a stable outlook reflects Moody’s expectation that the bank’s strong and improving capitalization.
According to Moody’s, SeABank continues to receive a Ba3 credit rating for both Issuer and Foreign Currency Deposit ratings. Additionally, Moody’s affirms SeABank’s baseline 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 domestic and international market fluctuations, the financial and banking sector in Vietnam is facing numerous challenges. Moody’s affirmation of SeABank’s rating with a stable outlook reflects the organization’s expectations of the bank’s strong and improving capital.
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 liquidity. This also signifies Moody’s expectations that SeABank’s creditworthiness will remain stable in the next 12-18 months.
Previously, SeABank had signed a Strategic Cooperation Agreement with IFC to implement supply chain financing solutions, aiming to provide corporate customers with the most optimal and modern financial solutions in line with global trends. Under this agreement, IFC would advise, develop strategies, and collaborate with SeABank to provide professional and synchronized Supply Chain Financing (SCF) solutions, enhance supply chain management capabilities, and maximize business efficiency. SeABank’s current portfolio primarily focuses on sectors such as automotive (Dealer Financing product), FMCG (Customer Financing product for fast-moving consumer goods), construction and installation (Payment Guarantee product for contractors and suppliers of large enterprises), and efficient energy. With the IFC cooperation, SeABank looks to become one of the first and one of the leading banks in supply chain financing services.
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