Fitch affirms Standard Bank South Africa

Fitch Ratings has today affirmed the Standard Bank of South Africa Ltd.'s long and short-term foreign-currency issuer default rating at BBB+, individual rating at C, support rating at 2, support rating floor at BBB-, national long-term rating at AA(zaf) and national short-term rating at F1+(zaf).

Ratings reflect the bank's strong domestic franchise and a track record of consistent profitability and acceptable tier 1 capitalization, the agency said.

These factors are balanced by deteriorating asset quality in an increasingly challenging operating environment, the agency noted.

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