Moody's cuts ratings of six Vietnamese banks

Moody's Investors Service cut the foreign currency deposit ratings of six Vietnamese banks to B2 from B1 with a negative outlook on Wednesday, after cutting the country's sovereign rating.

* Vietnam’s credit gets downgraded

Moody's also lowered by one to two notches the Baseline Credit Assessments and the associated Bank Financial Strength Ratings of all six banks, it said in a statement.

All the banks are based in Hanoi, except for the Asia Commercial Bank which has its headquarters in Ho Chi Minh City, Vietnam's commercial centre.

The move came after Moody's lowered Vietnam's sovereign bond rating to 'B1' from 'Ba3' and the foreign currency bank deposit ceiling to 'B2' from 'B1' on Wednesday.

These 6 banks are:

1. Asia Commercial Bank (ACB)

2. Bank for Investment and Development of Vietnam (BIDV)

3. Military Commercial Joint Stock Bank (MBB)

4. Saigon Hanoi Commercial Joint Stock Bank (SHB)

5. Vietnam Technological and Commercial Joint Stock Bank (TCB)

6. Vietnam International Commercial Joint Stock Bank (VIBank)

Reuters

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