S&P lowers Eqstra

Standard & Poor's said it lowered the long- and short-term South Africa national scale ratings on Eqstra Holdings Ltd. to zaA-/zaA-2 from zaA/zaA-1.

"The rating action reflects the impact of the ongoing slowdown in the South African economy on Eqstra's business prospects and the deterioration of its profitability, which has tightened its debt-servicing ability," S&P analyst Matthew Pirnie said in a statement

"The national scale ratings on Eqstra continue to be supported by adequate levels of capitalization, despite higher leverage levels, and a strong market position and franchise."

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