FiinRatings Assigns Initial “A” Rating with a “Stable” Rating Outlook to ACB Securities Company Limited (‘ACBS’)

FiinRatings – A Strategic Partner of S&P Global – has assigned a first-time Long-term Issuer Credit Rating of ‘A’to ACB Securities Company Limited (“ACBS” or “the Company”) with a ‘Stable’ rating outlook, announced on November 11, 2025.

The rating reflects ACBS’s strategic importance within the ACB ecosystem, together with its stable credit fundamentals, sound risk management, and a strengthened financial profile following consecutive capital increases in recent years. FiinRatings expects the Company’s credit profile to remain stable over the next 12–24 months.

ACBS’s Business Position is assessed as “Adequate”, supported by a prudent operating model and strong integration with ACB. Around 35% of brokerage accounts originate from the parent bank’s customer base, providing stable revenue through market cycles, despite ACBS not being among the top brokers by market share.

The Company’s Capital and Earnings remain “Adequate”. Capital injections during 2020 - 2024 have strengthened loss-absorption capacity, while leverage remains well below the sector median, reflecting a prudent growth strategy. Profitability has improved in line with capital expansion and disciplined cost control, supporting stable performance.

ACBS’s Risk Position is assessed as “Adequate”, underpinned by good asset quality and strict risk governance. Margin lending is tightly managed with a very low level of non-performing loans, supported by ACB’s three-lines-of-defense framework and robust compliance standards, which are among the strongest in the banking sector and help limit operational and market risks.

ACBS’s Funding and Liquidity are assessed as“Adequate”. The Company has access to low-cost funding and credit lines from ACB and maintains a low utilization ratio, supporting stable liquidity even in volatile market conditions. These factors help the Company maintain margin lending and financial risk management in line with its current business model.

ACBS is one of ten securities companiesthat have been assigned an initial credit rating by FiinRatings, reflecting the agency’s efforts to expand its analytical coverage within the financial services sector. FiinRatings remains committed to providing independent and in-depth assessments that support enterprises in strengthening risk management, enhancing investor confidence, and contributing to the development of a more transparent and sustainable capital market in Vietnam.

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Disclaimer: Credit-related and other analyses, including ratings, and statements in the Content are statements of opinion as of the date they are expressed and not statements of fact. FiinRatings’ opinions, analyses, and rating acknowledgment decisions are not recommendations to purchase, hold, or sell any securities or to make any investment decisions, and do not address the suitability of any security.

👇 The Initial Issuer Credit Rating Report of ACB Securities Company Limited is available below