Moody’s Ratings upgrades SeABank’s key credit ratings, changes outlook to Positive

Moody's also changes the Bank's outlook to Positive from Stable.

Accordingly, the reaffirmation of SeABank's Ba3 local currency (LC) and foreign currency (FC) LT bank deposit and issuer ratings, together with the change in outlook to Positive from Stable, reflects the Bank's strengthened intrinsic credit profile. This is evidenced by the upgrade of SeABank's BCA and Adjusted BCA from B1 to Ba3, reflecting Moody's view that the Bank's solvency profile has strengthened, supported by stable asset quality, stronger capital and risk management.

In addition, the upgrade of SeABank's LT FC and LC CRRs to Ba2 and LT CR Assessment to Ba2(cr) demonstrates a positive assessment of the Bank's ability to meet its financial obligations to counterparties. These upgrades further reinforce SeABank's reputation in the financial market and enhance its ability to expand partnerships and access funding from domestic and international financial institutions.

Moody's also expects SeABank's credit profile to benefit from ongoing efforts to diversify its funding base and improve funding stability over the next 12–18 months. The agency also believes SeABank has the potential for a one-notch rating upgrade if Vietnam's sovereign rating is upgraded in the future.

The report also notes that SeABank's asset quality remained broadly stable, with non-performing loans ratio (NPL) maintained at an appropriate level and new delinquencies expected to remain low over the next 12–18 months, underpinned by the supportive operating environment and the bank's adequate track record in asset quality management.

Furthermore, Moody's expects SeABank to maintain a solid capital position, with its tangible common equity to risk-weighted assets (TCE/RWA) ratio remaining above 12%, in line with domestic peers.

Moody's also noted that SeABank's growing access to long-term funding from development financial institutions will further enhance the stability of funding structure, mitigate refinancing risks, and support the Bank's sustainable growth in the years ahead.
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