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January 10, 2008

First Cambodian bank gets credit rating by S&P

by Richard Kilner

Story link: First Cambodian bank gets credit rating by S&P

Acleda Bank Plc. has become the first Cambodian bank to be issued with a credit rating by Standard & Poor’s.

The rating agency has placed Cambodia in the lowest bracket of banking risk, alongside countries such as Jamaica, Ukraine and Venezuela.

However, S&P have also said that they believe Cambodian banking will benefit from good economic growth, but requires much progress.

Acleda Bank, which is the third largest in Cambodia, was issued with a credit rating of B+/B.

It has the largest network of branches in the country, with 176, many of which are located in rural areas.

In the assessment of S&P, Acleda Bank’s assets are of a good quality, as is its profitability.

Ivan Tan, a credit analyst with the rating agency, said that the credit rating given was a measure of the bank’s satisfactory assets and balance sheet, whilst taking into account the substandard banking environment of Cambodia and the nation’s weak legal system.

As a whole, Cambodians have little access to credit, in spite of the stable political system and a positive economic forecast for the future.

 

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