ABSA Group Limited Moody's downgrades credit rating for Absa Group (6298G)
26 Noviembre 2020 - 5:03AM
UK Regulatory
TIDM41OJ
RNS Number : 6298G
ABSA Group Limited
26 November 2020
Absa Group Limited
(Previously known as Barclays Africa Group Limited)
ISIN: XS1799058174
26 November 2020
MOODY'S downgrades CREDIT RATING of Absa group limited FOLLOWING
DOWNGRADE on the South African sovereign
Notice is hereby given in terms of the Debt Listings
Requirements of the JSE Limited that Moody's Investor Services
("Moody's") has on 24 November 2020 lowered the long-term local
currency and foreign currency deposit ratings of Absa Bank Limited
to Ba2 from Ba1, and the long-term issuer ratings of Absa Group
Limited to Ba3 from Ba2.The outlook on both ratings remains
negative.
These rating actions follow Moody's decision to downgrade the
South African government's rating to Ba2 from Ba1, with a negative
outlook, on 20 November 2020. Moody's does not rate financial
institutions above the credit profile of the government.
For additional details on the rationale of the ratings action
please see the press release by Moody's on 24 November 2020 titled
"Moody's downgrades the deposit ratings of five South African banks
following the downgrade of the South African sovereign."
Summary of credit rating change:
To From
Absa Group Limited
Long-term issuer rating Ba3 Ba2
Subordinated Tier II B1 Ba3
(Foreign)
Absa Bank Limited
Long-term local currency Ba2 Ba1
Long-term foreign currency Ba2 Ba1
Long-term counterparty Ba1 Baa3
risk rating
Short-term counterparty NP P-3
risk rating
For further information, please contact:
Absa Group Limited Investor Relations
Email: ir@absa.co.za
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END
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November 26, 2020 06:03 ET (11:03 GMT)
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