S&P cuts South African financials

S&P said it lowered the ratings on six South Africa-based financial institutions and two related holding companies.

Specifically, the actions are as follows:

• Capitec Bank Ltd.’s long-term issuer credit rating was lowered to BB from BB+ and the B short-term issuer credit rating was affirmed. The long-term South Africa national scale rating was lowered to zaAA- from zaAA and the zaA-1+ short-term national scale rating was affirmed.

• FirstRand Bank Ltd.’s long-term issuer credit rating was lowered to BB from BB+ and the B short-term issuer credit rating was affirmed. The long-term South Africa national scale rating was lowered to zaAA- from zaAA and the zaA-1+ short-term national scale rating was affirmed.

• FirstRand Ltd.’s long-term issuer credit rating was lowered to B+ from BB- and the B short-term issuer credit rating was affirmed. The long-term South Africa national scale rating was lowered to zaBBB+ from zaA- and the zaA-2 short-term national scale rating was affirmed.

• Nedbank Ltd.’s long-term issuer credit rating was lowered to BB from BB+ and the B short-term issuer credit rating was affirmed. The long-term South Africa national scale rating was lowered to zaAA- from zaAA and the zaA-1+ short-term national scale rating was affirmed.

• Investec Bank Ltd.’s long-term issuer credit rating was lowered to BB from BB+ and the B short-term issuer credit rating was affirmed. The long-term South Africa national scale rating was lowered to zaAA- from zaAA and the zaA-1+ short-term national scale rating was affirmed.

• Absa Bank Ltd.’s long-term South Africa national scale rating was lowered to zaAA- from zaAA and the zaA-1+ short-term national scale rating was affirmed.

• Barclays Africa Group Ltd.’s long-term South Africa national scale rating was lowered to zaBBB+ from zaA- and the zaA-2 short-term national scale rating was affirmed.

• BNP Paribas Personal Finance South Africa Ltd.’s long-term South Africa national scale rating was lowered to zaAA- from zaAA and the zaA-1+ short-term national scale rating was affirmed.

S&P said the actions follow the downgrade of South Africa, which was lowered due to a view of further deterioration of its economic outlook and public finances.

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