Saigon - Hanoi Commercial Joint Stock Bank: Update following rating action

Moody's assigns B2 rating to Saigon - Hanoi Commercial Joint Stock Bank's MTN drawdown - Rating Action – 2021/09/28 – US$ 180.00 – ...MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS, AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS OR PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. MOODY'S CREDIT RATINGS, ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT...

Saigon - Hanoi Commercial Joint Stock Bank: Update following 9M 2020 results - Credit Opinion – 2020/12/18 – US$ 250.00 – ...Saigon - Hanoi Commercial Joint Stock Bank's (SHB) B2 long-term deposit and issuer ratings reflect the bank's b3 Baseline Credit Assessment (BCA) and a one-notch uplift based on our assessment of a moderate probability of support from the Government of Vietnam (Ba3 negative) in times of need. Our assessment of a moderate probability of government support takes into consideration the bank's modest share of 3% each in system assets and system deposits as of the end of June 2020, as well as the history of regulatory forbearance in Vietnam. SHB's b3 BCA takes into consideration the steady improvements made by the bank in resolving its legacy problem assets, offset by rising asset risks as a result of the ongoing coronavirus pandemic and the bank's thin loss-absorbing buffers. SHB's profitability is weak because high credit costs continue to weigh on its top-line revenue. The bank's funding and liquidity are moderate....

Saigon - Hanoi Commercial Joint Stock Bank: Update following ratings confirmation - Credit Opinion – 2020/07/28 – US$ 250.00 – ...On 22 July 2020, we confirmed the long-term ratings and assessments of Saigon - Hanoi Commercial Joint Stock Bank (SHB) with a stable outlook. The rating action concludes the review for downgrade of the bank's ratings and assessment, initiated on 7 April 2020. SHB's B2 deposit and issuer ratings reflect the bank's b3 Baseline Credit Assessment (BCA) and a one-notch uplift based on our assessment of a moderate probability of support from the Government of Vietnam (Ba3 negative) in times of need. Our assessment of a moderate probability of government support takes into consideration the bank's modest share of 3% each in system assets and system deposits as of the end of March 2020, as well as the history of regulatory forbearance in Vietnam. The confirmation of SHB's b3 BCA takes into consideration the steady improvements made by the bank in resolving its legacy problem assets, although offset by risks posed by the coronavirus pandemic to the debt repayment capacity of the bank's borrowers....

Saigon - Hanoi Commercial Joint Stock Bank: Update following rating review - Credit Opinion – 2020/04/16 – US$ 250.00 – ...On 7 April 2020, we placed on review for downgrade all ratings and assessments of Saigon - Hanoi Commercial Joint Stock Bank (SHB) to reflect our expectations that the bank's loans to the small and medium enterprises (SMEs) in Vietnam (around 31% of gross loans as of year- end 2019) will pose renewed asset risk for the bank as SMEs generally have limited financial buffers to withstand revenue shocks caused by the coronavirus outbreak. Compared with other Vietnamese banks we rate, SHB's loan-loss reserves and capitalization are weak and will provide little buffers against rising risks. The review for downgrade will focus on the quality of the bank's loans to borrowers operating in industries directly affected by the coronavirus outbreak, as well as its consumer finance loans that are currently extended through its subsidiary, SHBANK Finance Company Limited (SHB Finance, B3 review for downgrade). The review will also focus on the effectiveness of domestic and global policy responses in supporting...

Moody's assigns (P)B2 to Saigon - Hanoi Commercial Joint Stock Bank's MTN program - Rating Action – 2020/01/10 – US$ 180.00 – ...ASSESSMENTS, OTHER OPINIONS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. All information contained herein is obtained by MOODY'S from sources believed by it to be accurate and reliable. Because of the possibility of human or mechanical error as well as other factors, however, all information contained herein is provided "AS IS" without warranty of any kind. MOODY'S adopts all necessary measures so that the information it uses in assigning a credit rating is of sufficient quality and from sources MOODY'S considers to be reliable including, when appropriate, independent third-party sources. However, MOODY'S is not an auditor and cannot in every instance independently verify or validate information received in the rating process or in preparing its Publications. To the extent permitted by law, MOODY'S and its directors, officers,...

Saigon - Hanoi Commercial Joint Stock Bank: Update following rating action - Credit Opinion – 2019/11/01 – US$ 250.00 – ...Saigon - Hanoi Commercial Joint Stock Bank's (SHB) B2 deposit and issuer ratings reflect the bank's b3 BCA and a one-notch uplift based on our assessment of a moderate probability of support from the Government of Vietnam (Ba3 rating under review) in times of need. Our assessment of a moderate probability of government support takes into consideration the bank's modest 3% share of system assets and system deposits as of year-end 2018, as well as the history of regulatory forbearance in Vietnam. SHB's b3 BCA takes into consideration the bank's weak asset quality, which is strained by a large stock of legacy problem assets, modest profitability, as well as weak capitalization. The bank's higher-than-system-average loan growth in 2014-17 and its large exposure to cyclical sectors, such as agriculture, construction and real estate, will also pose downside risks to asset quality. Finally, the BCA also reflects SHB's average funding and liquidity. On 10 October 2019, we placed SHB's long-term...

Saigon - Hanoi Commercial Joint Stock Bank: Key facts and statistics - FYE December 2018 - Issuer Profile – 2019/09/19 – US$ 200.00 – ... statements Dec 2018, annual report Dec 2009, corporate governance report Dec 2018), company data, Moody's Investors Service research, Hanoi Stock Exchange...

Saigon - Hanoi Commercial Joint Stock Bank: Update following rating affirmation - Credit Opinion – 2019/07/08 – US$ 250.00 – ...On 2 July 2019, we affirmed Saigon - Hanoi Commercial Joint Stock Bank's (SHB) B2 long- term local and foreign currency deposit and issuer ratings. We also affirmed the bank's b3 baseline credit assessment (BCA) and adjusted BCA. At the same time, we affirmed the bank's B1/NP local and foreign currency Counterparty Risk Ratings, and B1(cr)/NP(cr) Counterparty Risk Assessment. The affirmation of SHB's B2 deposit and issuer ratings reflects the bank's b3 BCA and a one-notch uplift based on our assessment of a moderate probability of support from the Vietnamese government (Ba3 stable) in times of need. SHB's b3 BCA considers its weak asset quality, which is strained by its large stock of legacy problem assets, modest profitability, as a result of high credit costs, as well as its weak capitalization. Moreover, the bank's higher than system average loan growth in 2014-17 and its large exposure to cyclical sectors like agriculture, construction and real estate pose further downside risks to...

Moody's affirms Saigon - Hanoi Commercial Joint Stock Bank's B2 ratings - Rating Action – 2019/07/02 – US$ 180.00 – ...MOODY'S CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS AND IT WOULD BE RECKLESS AND INAPPROPRIATE FOR RETAIL INVESTORS TO USE MOODY'S CREDIT RATINGS OR MOODY'S PUBLICATIONS WHEN MAKING AN INVESTMENT DECISION. IF IN DOUBT YOU SHOULD CONTACT YOUR FINANCIAL OR OTHER PROFESSIONAL ADVISER. ALL INFORMATION CONTAINED HEREIN IS PROTECTED BY LAW, INCLUDING BUT NOT LIMITED TO, COPYRIGHT LAW, AND NONE OF SUCH INFORMATION MAY BE COPIED OR OTHERWISE REPRODUCED, REPACKAGED, FURTHER TRANSMITTED, TRANSFERRED, DISSEMINATED, REDISTRIBUTED OR RESOLD, OR STORED FOR SUBSEQUENT USE FOR ANY SUCH PURPOSE, IN WHOLE OR IN PART, IN ANY FORM OR MANNER OR BY ANY MEANS WHATSOEVER, BY ANY PERSON WITHOUT MOODY'S PRIOR WRITTEN CONSENT. CREDIT RATINGS AND MOODY'S PUBLICATIONS ARE NOT INTENDED FOR USE BY ANY PERSON AS A BENCHMARK AS THAT TERM IS DEFINED FOR REGULATORY PURPOSES AND MUST NOT BE USED IN ANY WAY THAT COULD RESULT IN THEM BEING CONSIDERED A BENCHMARK. All information contained...

Saigon - Hanoi Commercial Joint Stock Bank: Update following full-year 2018 results - Credit Opinion – 2019/06/10 – US$ 250.00 – ...Saigon - Hanoi Commercial Joint Stock Bank's (SHB) deposit and issuer ratings of B2 incorporate an uplift of one notch from its Baseline Credit Assessment (BCA) of b3 because of our assumption of a moderate probability of support from the Government of Vietnam (Ba3 stable). Our assumption of government support for SHB is driven by the bank's market share of around 3% for both system assets and system deposits as of year-end 2018. SHB's b3 BCA reflects its weak asset quality, which is strained by its large stock of legacy problem assets, and modest profitability, as a result of high funding and credit costs, as well as weak capitalization. At the same time, we also expect the bank's higher than system average loan growth in 2014-17 and its large exposure to cyclical sectors like agriculture, construction and real estate to pose downside risks to asset quality. On balance, the BCA also factors in SHB's modest funding and liquidity....