Moody's also upgraded the bank's BCA to ba2 from ba3. Techcombank is currently the only Vietnamese bank with a BCA of ba2. Moody's explained that its ratings action reflects Techcombank's strong standalone creditworthiness and the upgrade of Viet Nam's issuer rating to Ba2 from Ba3 on September 6, 2022. Before this rating action, Techcombank's BCA and ratings were constrained by Viet Nam's previous sovereign rating of Ba3. Techcombank's asset quality also remained broadly stable despite the pandemic, with the gross non-performing loan (NPL) ratio increasing modestly to 0.7 per cent as of the end of 2021 from 0.5 per cent a year earlier. Loan loss coverage was also high at 163 per cent as of 2021. Moody's views capital and profitability as Techcombank's key credit strengths.