SA banks' ratings boosted
From Finance24
Moody's Investors Service has raised to "Baa1" (with a stable outlook) the foreign currency long-term deposit and issuer ratings for six South African banks, the ratings agency has announced.
The deposit ratings for Absa, FirstRand Bank Ltd, Investec Bank Limited, Nedbank Ltd, and Standard Bank of South Africa have been raised to Baa1/Prime-2 from Baa2/Prime-2.
Also, the issuer rating for the Development Bank of Southern Africa (DBSA) has been raised to Baa1 from Baa2.
The action was prompted by Moody's decision to upgrade the country rating ceilings for South Africa, which now stand at Baa1/Prime-2 for both foreign currency bank deposits and foreign currency debt.
According to Moody's, the deposit ratings were raised to the new country ceiling primarily based on the merit of the financial strength ratings of the banks.
The issuer rating for DBSA is set at the government's senior debt rating level, as it remains linked to the credit of the government.
The rating action does not affect the short-term foreign currency deposit rating of Prime-2, financial strength, local currency and national scale ratings of the banks.
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