Fitch cuts South African banks

Fitch Ratings said it downgraded the viability ratings of Absa Bank Ltd., FirstRand Bank Ltd., Investec Bank Ltd., Nedbank Ltd. and the Standard Bank of South Africa Ltd. and their respective rated holding companies following the recent downgrade of the South African sovereign rating.

Consequently, the long-term issuer default ratings of FirstRand, Nedbank and Standard Bank were downgraded to BBB from BBB+ and Investec's issuer default rating was downgraded to BBB- from BBB.

The downgrade of the sovereign also resulted in a re-calibration of the South African National Rating Scale, which affected several other institutions in the country, the agency said.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.