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CTG [BUY +31.2%] - S&P cuts outlook to negative (from stable); affirms BB- - Update

S&P Global Ratings revised its outlook on CTG (Vietinbank) to negative from stable and affirmed the 'BB-' long-term and 'B' short-term issuer credit ratings on the bank. On a 12-18 month horizon, capital adequacy is a problem across the banking sector in Vietnam (barring exceptions such as MBB and VPB). The current CAR appears adequate only on account of regulatory benevolence. The problem is systemic.