Moody’s upgrades Agribank’s long-term foreign-currency deposit rating

Credit rating agency Moody's recently announced its rating upgrade for Agribank's long-term foreign-currency deposit rating from B1 to Ba3.

Agribank has been assigned Ba3 for issuer rating and ratings for long-term domestic and foreign currency deposits, equivalent to Viet Nam's national ratings. The outlook for Agribank's ratings of the issuer and long-term is negative, equivalent to a negative outlook for Viet Nam's national rating.

According to Moody’s assessments, Agribank has made remarkable progress in handling legacy problem assets in recent years, contributing to improving asset quality stability.

Its capital mobilisation and liquidity are at a good level, mainly from individual customers and less affected by market fluctuations.

Agribank has the advantage of having the largest branch network in Viet Nam and strong support from the Government due to its policy role as a provider of financial services in rural Viet Nam, with a special mission in supporting and developing the agricultural and rural sector in Viet Nam.

As of June 30, Agribank is the largest bank in Viet Nam in terms of deposits and the second largest in terms of assets, with the market share of deposits and assets in Viet Nam’s banking system of 14 per cent and 12 per cent, respectively. — VNS