Fitch affirms Absa Group

Fitch Ratings said it affirmed Absa Group Ltd.'s A foreign-currency issuer default rating, A+ local-currency issuer default rating, F1 short-term foreign-currency rating, AAA(zaf) national long-term rating, F1+(zaf) national short-term rating, B/C individual rating and 1 support rating.

The outlook on the local-currency issuer default rating remains negative after the parent Barclays Bank plc recently announced a potential merger with ABN Amro.

The company's issuer default rating is limited by the country ceiling of South Africa. But the local-currency issuer default rating is rated above South Africa's local-currency A issuer default rating, reflecting the company's majority ownership by Barclays.

The individual rating represents Absa's financial performance, asset quality and risk management, Fitch said. The agency also noted the company's reduced liquidity and strong retail credit growth.

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