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 Ratings (CRRs) to Ba2, and the Long-term Counterparty Risk (CR) Assessment to Ba2(cr). The agency maintained SeABank's Ba3 Long-term bank deposit and issuer ratings but changed the outlook to Positive from Stable, as announced on July 30, 2026.
The upgrade of the BCA and Adjusted BCA from B1 to Ba3 reflects Moody's view that SeABank's solvency profile has strengthened, supported by stable asset quality and stronger capital and risk management. The change in outlook to Positive indicates that further upgrades are possible if the bank continues to improve its credit profile. Moody's noted that SeABank's asset quality remained broadly stable, with its non-performing loans ratio maintained at an appropriate level, and new delinquencies are expected to remain low over the next 12–18 months, underpinned by a supportive operating environment.
The upgrade of the Long-term FC and LC CRRs to Ba2 and the CR Assessment to Ba2(cr) demonstrates a positive assessment of SeABank's ability to meet its financial obligations to counterparties. 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. 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.
Moody's highlighted that SeABank's growing access to long-term funding from development financial institutions will further enhance the stability of its funding structure, mitigate refinancing risks, and support sustainable growth. The agency also believes SeABank has the potential for a one-notch rating upgrade if Vietnam's sovereign rating is upgraded in the future. Additionally, Moody's expects SeABank to maintain a solid capital position, with its tangible common equity to risk-weighted assets ratio remaining above 12%, in line with domestic peers.
This rating action underscores SeABank's strengthened intrinsic credit profile and its ability to navigate the operating environment effectively. For more details, visit SeABank's website at https://seabank.com.vn/.
