Fitch downgrades FirstRand Bank

Fitch Ratings said it downgraded the national long-term ratings of the hybrid capital instruments issued by FirstRand Bank Ltd., including ZAR 440 million cumulative upper tier 2 floating-rate notes to A+(zaf) from AA-(zaf) and ZAR 628 million cumulative upper tier 2 mixed-rate notes to A+(zaf) from AA-(zaf).

As a consequence of the revised criteria allowing for greater rating differentiation at subordinated levels, Fitch said it no longer considers it meaningful to assign generic program/shelf ratings at subordinated levels and these have been withdrawn.

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