Fitch: Absa up to stable

Fitch Ratings said it revised the outlooks on Absa Group Ltd. and its subsidiary Absa Bank Ltd.'s A long-term foreign currency issuer default ratings to stable from negative and affirmed the ratings.

Fitch said it also affirmed Absa and Absa Banks' F1 short-term foreign currency issuer default ratings, A long-term local currency issuer default ratings, AAA(zaf) national long-term ratings and F1+(zaf) national short-term ratings.

The revision of the outlooks follows the revision on Jan. 17 of South Africa's rating outlook to stable from negative, Fitch said.

Absa and Absa Bank's ratings reflect the majority ownership by Barclays Bank plc (AA-/Stable/F1+) and the extremely high probability of support that arises as a result of the bank's 55.5% ownership, the agency said.

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