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Fitch ups FirstRand Bank, Standard Bank of South Africa
Fitch Ratings said it upgraded the long-term foreign-currency issuer default ratings of FirstRand Bank Ltd. and The Standard Bank of South Africa Ltd.
The ratings upgraded and affirmed include:
FirstRand Bank Holdings Ltd.'s long-term foreign-currency issuer default rating at BBB+ with stable outlook, short-term foreign-currency issuer default rating at F2, national long-term rating at AA(zaf), national short-term rating at F1+(zaf), individual rating at B/C and support rating at 5;
FirstRand Bank Ltd.'s long-term foreign currency issuer default rating to A- from BBB+ with stable outlook, long-term local-currency issuer default rating at A-, short-term foreign-currency issuer default rating at F2, national long-term rating at AA+(zaf), national short-term rating at F1+(zaf), individual rating at B/C, support rating at 2 and support rating floor at BBB-;
Standard Bank Group's national short-term rating at F1+(zaf), individual rating at B/C, support rating at 5;
The Standard Bank of South Africa Ltd.'s long-term foreign-currency issuer default rating to A- from BBB+ with stable outlook, long-term local-currency issuer default rating at A-, short-term foreign-currency issuer default rating at F2, national long-term rating at AA+(zaf), national short-term rating at F1+(zaf), individual rating at B/C, support rating at 2 and support rating floor at BBB-.
The outlook is stable.
The upgrades reflect the intrinsic strength of these banks, solid franchise, size, quality of management, risk management processes and earnings, Fitch said. The upgrade also follows the recent change in South Africa's outlook to positive from stable.
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