Moody's Upgrades SeABank Ratings, Outlook Positive

Moody's Ratings has upgraded Southeast Asia Commercial Joint Stock Bank (SeABank, HOSE: SSB) in several key credit rating categories, signaling a strengthened financial profile. The agency raised SeABank's Baseline Credit Assessment (BCA) to Ba3, the Long-term Counterparty Risk Ratings (CRRs) to Ba2, and the Long-term Counterparty Risk (CR) Assessment to Ba2(cr). Meanwhile, the Ba3 Long-term bank deposit and issuer ratings were reaffirmed, and the outlook was changed from Stable to Positive. This upgrade reflects Moody's view that SeABank's solvency has improved, supported by stable asset quality, stronger capital, and effective risk management. The positive outlook also indicates potential for further upgrades if the bank continues to diversify its funding base and improve funding stability over the next 12–18 months.

The upgrade of SeABank's CRRs and CR Assessment demonstrates Moody's confidence in the bank's ability to meet financial obligations to counterparties, enhancing its reputation and ability to expand partnerships and access funding from both domestic and international financial institutions. Moody's also noted that SeABank's asset quality remains broadly stable, with non-performing loans (NPL) maintained at an appropriate level and new delinquencies expected to stay low, underpinned by a supportive operating environment and the bank's track record in asset quality management. Additionally, SeABank's capital position is expected to remain solid, with tangible common equity to risk-weighted assets (TCE/RWA) above 12%, in line with domestic peers.

Moody's also highlighted SeABank's growing access to long-term funding from development financial institutions, which will further enhance funding stability, mitigate refinancing risks, and support sustainable growth. The agency believes SeABank could see a one-notch rating upgrade if Vietnam's sovereign rating is upgraded. This news, sourced from Media OutReach Newswire, underscores SeABank's improving creditworthiness. For more details, visit SeABank's website.