Vietnamese banks hit by Vinashin default

Flood defences

vinashin-illustration

Standard and Poor’s (S&P) followed rival rating agencies Moody’s Investors Service and Fitch Ratings at the end of last year by downgrading the long-term credit rating for Vietnam, citing concerns about the country’s banking sector. S&P downgraded Vietnam’s long-term foreign currency sovereign credit rating to BB- from BB and its local currency rating to BB from BB+. The same month, Moody’s downgraded the country’s sovereign debt by one notch to B1 from Ba3; while Fitch had already downgraded

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