Moody’s Upgrades SeABank’s Credit Ratings, Outlook Revised to Positive

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 bank’s Ba3 Long-term bank deposit and issuer ratings were maintained, while the outlook was revised to Positive from Stable, according to a report released on July 30, 2026.

The upgrade reflects SeABank’s strengthened intrinsic credit profile, supported 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 potential further upgrades if the bank continues to enhance its credit metrics.

The upgrade of SeABank’s CRRs and CR Assessment to Ba2 indicates a positive assessment of the bank’s ability to meet financial obligations to counterparties. This enhances SeABank’s reputation and ability to expand partnerships and access funding from domestic and international financial institutions. Moody’s expects the bank’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 highlighted that SeABank’s asset quality remained broadly stable, with the non-performing loans ratio maintained at an appropriate level. New delinquencies are expected to remain low, supported by a favorable operating environment and the bank’s track record in asset quality management. The bank’s tangible common equity to risk-weighted assets ratio is expected to remain above 12%, in line with domestic peers.

Growing access to long-term funding from development financial institutions will further enhance funding stability, mitigate refinancing risks, and support sustainable growth. Moody’s also noted that SeABank has the potential for a one-notch rating upgrade if Vietnam’s sovereign rating is upgraded in the future. The full report is available at SeABank’s website.