{"id":18195,"date":"2023-03-24T10:00:47","date_gmt":"2023-03-24T03:00:47","guid":{"rendered":"https:\/\/gtjai.com.vn\/?post_type=research&#038;p=18195"},"modified":"2023-03-24T10:14:58","modified_gmt":"2023-03-24T03:14:58","slug":"tcb-equity-report_moodys-downgrades-techcombanks-credit-rating","status":"publish","type":"research","link":"https:\/\/gtjai.com.vn\/en\/research\/tcb-equity-report_moodys-downgrades-techcombanks-credit-rating\/","title":{"rendered":"TCB Equity Report_Moody\u2019s downgrades Techcombank\u2019s credit rating"},"content":{"rendered":"<p style=\"text-align: justify\"><strong><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">KEY CONTENT<\/span><\/strong><br \/>\n<span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">Techcombank\u2019s basic credit rating has been reduced from Ba2 to Ba3, which is back to the level of some commercial banks today, and the outlook has changed from \u201cstable\u201d to \u201cnegative\u201d. Moody\u2019s also downgraded Techcombank\u2019s LT (FC) and local currency (LC) deposit and issuer ratings from Ba2 to Ba3. Besides, the domestic \u2013 foreign currency counterparty risk rating (LC and FC Counterparty Risk Ratings \u2013 CRR) was adjusted from Ba1 to Ba2. The LT Counterparty Risk Assessment (CR) was also lowered from Ba1 to Ba2. <\/span><br \/>\n<span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">This credit rating by Moody\u2019s predicts the difficult situation of the real estate industry, negatively affecting the independent credit health of Techcombank when this unit focuses heavily on this field. Moody\u2019s noted that the move was unrelated to recent risks at US and European banks.<\/span><br \/>\n<span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">By the end of 2022, real estate and construction loans accounted for 29% of Techcombank\u2019s total portfolio. Outstanding corporate bonds account for 6% of total assets, according to a report by Moody\u2019s.<\/span><br \/>\n<strong><span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">RECOMMENDATION<\/span><\/strong><br \/>\n<span style=\"font-family: arial, helvetica, sans-serif;font-size: 14px\">In the short term, buying and holding TCB shares will not have many advantages as the bank is still affected by the gloomy real estate market, making it difficult for the main loan book related to real estate to expand. Meanwhile, the IB services segment, which is mainly related to bond issuance, has also been greatly affected in the past 2 years. In addition, with the current credit rating, the bank would be under pressure of the higher COF &#8211; the cost of mobilization will increase in the future due to the rating downgrade, thereby affecting the bank&#8217;s profit margin.<\/span><\/p>\n","protected":false},"author":12,"featured_media":0,"template":"","cate_research":[80],"specialized":[],"class_list":["post-18195","research","type-research","status-publish","hentry","cate_research-bao-cao-doanh-nghiep-en"],"yoast_head":"<title>TCB Equity Report_Moody\u2019s downgrades Techcombank\u2019s credit rating - GTJA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/gtjai.com.vn\/en\/research\/tcb-equity-report_moodys-downgrades-techcombanks-credit-rating\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"TCB Equity Report_Moody\u2019s downgrades Techcombank\u2019s credit rating - GTJA\" \/>\n<meta property=\"og:description\" content=\"KEY CONTENT Techcombank\u2019s basic credit rating has been reduced from Ba2 to Ba3, which is back to the level of some commercial banks today, and the outlook has changed from \u201cstable\u201d to \u201cnegative\u201d. Moody\u2019s also downgraded Techcombank\u2019s LT (FC) and local currency (LC) deposit and issuer ratings from Ba2 to Ba3. Besides, the domestic \u2013 [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/gtjai.com.vn\/en\/research\/tcb-equity-report_moodys-downgrades-techcombanks-credit-rating\/\" \/>\n<meta property=\"og:site_name\" content=\"GTJA\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-24T03:14:58+00:00\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/gtjai.com.vn\/#website\",\"url\":\"https:\/\/gtjai.com.vn\/\",\"name\":\"GTJA\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/gtjai.com.vn\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/gtjai.com.vn\/en\/research\/tcb-equity-report_moodys-downgrades-techcombanks-credit-rating\/#webpage\",\"url\":\"https:\/\/gtjai.com.vn\/en\/research\/tcb-equity-report_moodys-downgrades-techcombanks-credit-rating\/\",\"name\":\"TCB Equity Report_Moody\\u2019s downgrades Techcombank\\u2019s credit rating - GTJA\",\"isPartOf\":{\"@id\":\"https:\/\/gtjai.com.vn\/#website\"},\"datePublished\":\"2023-03-24T03:00:47+00:00\",\"dateModified\":\"2023-03-24T03:14:58+00:00\",\"breadcrumb\":{\"@id\":\"https:\/\/gtjai.com.vn\/en\/research\/tcb-equity-report_moodys-downgrades-techcombanks-credit-rating\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/gtjai.com.vn\/en\/research\/tcb-equity-report_moodys-downgrades-techcombanks-credit-rating\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/gtjai.com.vn\/en\/research\/tcb-equity-report_moodys-downgrades-techcombanks-credit-rating\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/gtjai.com.vn\/en\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"TCB Equity Report_Moody\\u2019s downgrades Techcombank\\u2019s credit rating\"}]}]}<\/script>","yoast_head_json":{"title":"TCB Equity Report_Moody\u2019s downgrades Techcombank\u2019s credit rating - GTJA","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/gtjai.com.vn\/en\/research\/tcb-equity-report_moodys-downgrades-techcombanks-credit-rating\/","og_locale":"en_US","og_type":"article","og_title":"TCB Equity Report_Moody\u2019s downgrades Techcombank\u2019s credit rating - GTJA","og_description":"KEY CONTENT Techcombank\u2019s basic credit rating has been reduced from Ba2 to Ba3, which is back to the level of some commercial banks today, and the outlook has changed from \u201cstable\u201d to \u201cnegative\u201d. Moody\u2019s also downgraded Techcombank\u2019s LT (FC) and local currency (LC) deposit and issuer ratings from Ba2 to Ba3. 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