Moody’s reviews three South African banks

Moody's Investors Service said it placed on review for downgrade the Baa3 long-term and Prime-3 short-term foreign-currency issuer ratings of Development Bank of Southern Africa, the Baa3 long-term and Prime-3 short-term local-and foreign-currency issuer ratings of Land and Agricultural Development Bank of South Africa and the Baa3 long-term foreign currency issuer rating of Industrial Development Corp. of South Africa.

The three institutions' long-term national scale issuer ratings of Aa1.za were also placed on review for downgrade.

Moody’s said the action on these three government-related issuers (GRIs) primarily reflects South Africa's weak operating environment and the government's weakening capacity to support these institutions in case of need, as captured by Moody's recent decision to place South Africa's Baa3 government bond ratings on review for downgrade.

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