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Citing bank risks, economy, Moody's downgrades Vietnam's credit rating

HANOI, Vietnam -- Moody's Investors Service has downgraded Vietnam's credit rating, citing weaknesses in its banks and a stuttering economy.

The downgrade to B2 from B1 for government bonds issued in local or foreign currency announced Friday means the country would face higher borrowing costs if it sells new bonds. It could also deter foreign investment, adding to problems in an economy once seen as an emerging Asian powerhouse.

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