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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.
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