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ABSA Group Limited (41OJ)

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Thursday 26 November, 2020

ABSA Group Limited

Moody's downgrades credit rating for Absa Group

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 (Foreign)

B1

Ba3

 

 

 

 

 

Absa Bank Limited

 

 

 

Long-term local currency

Ba2

 

Ba1

 

Long-term foreign currency 

Ba2

Ba1

 

Long-term counterparty risk rating     

Ba1

Baa3   

 

 

Short-term counterparty risk rating     

 

NP

 

P-3         

 

 

 

For further information, please contact:

Absa Group Limited Investor Relations

Email: [email protected]

 

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