S&P cuts Development Bank of Southern Africa

S&P said it downgraded the foreign- and local currency ratings of the Development Bank of Southern Africa Ltd. to BB- from BB following the April 29 downgrade of the government of South Africa’s long-term foreign- and local-currency ratings to BB- and BB from BB and BB+, respectively.

S&P equalizes the bank’s ratings with South Africa’s because it believes there “is an almost certain likelihood” of government help if needed, the agency said in a press release.

The outlook is stable.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.