...Stable Credit Profile: The ratings of Asia Commercial Joint Stock Bank (ACB) are driven by its Viability Rating (VR), reflecting a better asset quality and funding profile than most of its local peers. The VR also takes into account low capitalisation ratios, and a modest franchise as one of the large private banks. Better Asset-Quality Management: ACB targets private companies and individuals, and has limited exposure to state-owned enterprises (SOEs). Fitch Ratings believes ACB will be able to keep its reported NPL ratio below the regulator's guideline of 3%, thanks to risk-management support from Standard Chartered Bank (SCB, AA¡/Negative), its largest foreign shareholder with a 15% stake. Fitch believes ACB's underlying loan quality is weaker than the reported ratio, as regulatory measures have not resolved system-wide asset-quality risk. Problem loans ¡ comprising loans classified as "special mention" or weaker, and special bonds issued by the Vietnam Asset Management Company ¡ accounted...
