S&P rates FirstRand notes BBB+

Standard & Poor's said that it assigned a BBB+ long-term senior debt rating to the $350 million of fixed-rate notes to be issued by FirstRand Bank Ltd. (BBB+/stable/A-2) under the bank's $1.5 billion euro medium-term note program.

The rating on the notes reflects the counterparty credit ratings on FirstRand Bank, which are supported by the bank's core position within the FirstRand Group, the agency said.

The group continues to benefit from a strong business model, solid market position, high systemic importance and adequate capitalization, the agency added. The ratings are constrained by an above-average-risk operating environment, modest provisioning levels and structurally high systemic liquidity risks.

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