...Stable Credit Profile: The Long-Term Issuer Default Rating (IDR) of Asia Commercial Joint Stock Bank (ACB) is driven by its Viability Rating (VR), reflecting its relatively stable credit profile ¡ given ACB's moderate loan growth in the last four years and small exposure to state- owned enterprises (SOEs) at 1.2% of total loans at end-June 2015. The VR also takes into account a low capitalisation ratio and its status as one of the largest Vietnamese private banks. Stable Asset Quality: ACB targets private companies and individuals and has limited exposure to the traditionally more vulnerable SOE sector. Fitch Ratings believes ACB's asset quality will remain stable, given its moderate average annual loan growth of 7% since end-2012 and small exposure to SOEs. ACB's reported NPL ratio improved to 1.7% at end-June 2015, from 2.2% in 2014. Fitch believes ACB's underlying loan quality is weaker than the reported ratio, similar to other banks, due to wide-spread systemic under-reporting of NPLs....
