Moody's downgrades the five largest South African banks to Baa3; outlook negative
Moody's Investors Service, ("Moody's") has yesterday downgraded to Baa3 (negative outlook) from Baa2 (Rating Under Review outlook), the long-term local- and foreign-currency deposit ratings of the five largest South African banks: The Standard Bank of South Africa Limited, FirstRand Bank Limited, Absa Bank Limited, Nedbank Limited, and Investec Bank Ltd.. The rating agency has also downgraded Standard Bank Group Limited's long-term local- and foreign-currency issuer ratings to Ba1 from Baa3, and affirmed all banks' national scale ratings. A full list of the banks' ratings affected by today's rating action is at the end of this press release.