Moody's Ratings has upgraded several key credit ratings for Southeast Asia Commercial Joint Stock Bank (SeABank, HOSE: SSB), including the Baseline Credit Assessment (BCA) to Ba3, the Long-term Counterparty Risk Rating (CRRs) to Ba2, and the Long-term Counterparty Risk (CR) Assessment to Ba2(cr). The agency also maintained SeABank's Ba3 Long-term (LT) bank deposit and issuer ratings while revising the outlook to Positive from Stable.
The upgrade reflects SeABank's strengthened intrinsic credit profile, supported by stable asset quality, stronger capital, and improved risk management. Moody's expects the bank's tangible common equity to risk-weighted assets (TCE/RWA) ratio to remain above 12%, in line with domestic peers. The positive outlook also considers SeABank's growing access to long-term funding from development financial institutions, which enhances funding stability and mitigates refinancing risks.
Moody's noted that SeABank's asset quality remained broadly stable, with non-performing loan ratio (NPL) maintained at an appropriate level and new delinquencies expected to stay low over the next 12–18 months. The agency believes SeABank's credit profile could benefit from ongoing efforts to diversify its funding base and improve funding stability. Additionally, if Vietnam's sovereign rating is upgraded in the future, SeABank has the potential for a one-notch rating upgrade.
These upgrades reinforce SeABank's reputation in the financial market and enhance its ability to expand partnerships and access funding from domestic and international financial institutions. For more information, visit SeABank's website.
