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, according to a report released on July 30, 2026.
The upgrade reflects SeABank's strengthened intrinsic credit profile, underpinned by stable asset quality, stronger capital, and improved risk management. Moody's noted that the bank's solvency profile has improved, evidenced by the BCA upgrade from B1 to Ba3. The positive outlook signals the potential for further rating improvements if the bank continues to strengthen its financial metrics.
Moody's upgrade of SeABank's long-term CRRs and CR Assessment to Ba2 and Ba2(cr), respectively, indicates a positive assessment of the bank's ability to meet financial obligations to counterparties. This enhances SeABank's reputation in the financial market and its capacity to expand partnerships and access funding from domestic and international financial institutions, as detailed in the SeABank website.
The agency 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 also believes SeABank has the potential for a one-notch rating upgrade if Vietnam's sovereign rating is upgraded in the future. The report highlights that SeABank's asset quality remained broadly stable, with the non-performing loans ratio maintained at an appropriate level, and new delinquencies expected to remain low over the next 12–18 months, supported by a favorable operating environment and the bank's adequate asset quality management track record.
Moody's projects 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. Additionally, 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 in the years ahead.
