Fitch revises Asia Commercial Bank view to negative

Fitch Ratings said it revised the outlook on Asia Commercial Bank to negative from stable and affirmed its long-term issuer default rating of B+ to reflect the risks that we expect the coronavirus pandemic to exert on the bank's credit profile.

“The pandemic has strained Vietnam's economy, with GDP growth slowing to a seven-year low of 3.8% in 1Q20 from 7.0% in 4Q19. Fitch expects Vietnam's GDP to grow by 3.3% in 2020 and 7.3% in 2021, which assumes that economic recovery will only begin in the latter part of 2020. Vietnam's relatively open economy implies that risks to our base-case forecast are high, especially if external demand continues to be weak and sustained signs of virus containment remain elusive,” said Fitch in a press release.

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