S&P affirms Development Bank of Southern Africa

S&P said it affirmed Development Bank of Southern Africa Ltd.’s BB+/B foreign currency long- and short-term issuer credit ratings and its BBB-/A-3 local currency long- and short-term issuer credit ratings.

The outlook remains negative.

“We equalize our ratings on DBSA with those on South Africa (foreign currency BB+/negative/B). This reflects our opinion that there is an almost certain likelihood that the South African government would provide timely and sufficient extraordinary support to DBSA in the event of financial distress,” the agency said in a news release.

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