ABSA Group Limited FITCH DOWNGRADES ABSA GROUP'S CREDIT RATING (1485H)
01 Diciembre 2020 - 8:23AM
UK Regulatory
TIDM41OJ
RNS Number : 1485H
ABSA Group Limited
01 December 2020
Absa Group Limited
(Previously known as Barclays Africa Group Limited)
ISIN: XS1799058174
01 December 2020
FITCH downgrades ABSA GROUP LIMITED TO 'BB-' with NEGATIVE
OUTLOOK FOLLOWING DOWNGRADE OF THE SOVEREIGN
Notice is hereby given that Fitch Ratings has on 27 November
2020, downgraded the Long-Term Issuer Default Ratings (IDRs) and
Viability Ratings (VRs) of five South African banks and bank
holding companies, including Absa Group Limited ("Absa"). Absa's
IDR and VR were downgraded to BB- and bb- respectively. The outlook
is negative.
The rating actions follow Fitch's downgrade of the South African
sovereign's Long-Term IDRs to 'BB-' from 'BB' on 20 November 2020.
Fitch does not rate the South African banks above the sovereign
given the high concentration of their activities within South
Africa and significant sovereign exposure.
The negative outlook assigned to Absa's IDRs is aligned to peers
and the negative outlook on the sovereign rating.
For additional details on the rationale of the ratings action
please see the Fitch Ratings press release dated 27 November 2020,
titled "Fitch Downgrades South African Banks to 'BB-'/Negative on
Sovereign Downgrade. "
Summary of credit rating change:
Absa Group Limited
To From Outlook
Long Term Issuer Default Rating BB- BB Negative
Viability Rating bb- bb -
Subordinated; Long Term Rating B B+ -
For further information, please contact:
Absa Group Limited Investor Relations
Email: ir@absa.co.za
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END
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December 01, 2020 09:23 ET (14:23 GMT)
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