Fitch Ratings has given Saigon-Hanoi Commercial Joint Stock Bank BB- long-term foreign and local currency issuer default ratings with a stable outlook, according to a Monday release.
Strong likelihood of government support for the lender balances its moderate systemic importance in Vietnam's banking sector, Fitch said.
The bank's "b+" viability rating reflects its consistent profitability due to a reasonable local franchise as well as improved capital.
Although the bank has a higher nonperforming loan ratio compared to peers, its strong collateralization and profitability serve as buffers.
Changes in the sovereign rating or the bank's intrinsic profile based on asset quality could trigger future rating actions, Fitch said.
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