S&P reports actions on South African banks

S&P said it took action on several South African banks following the downgrade of the country’s sovereign rating on April 29 to BB- from BB.

“We estimate real GDP growth for South Africa will contract by 4.5% in 2020, largely due to the outbreak of Covid-19, before rebounding to 3.5% in 2021,” the agency said in a press release.

The agency downgraded African Bank Ltd. to B from B+ and affirmed the national zaA- rating. The outlook is stable.

S&P lowered the long-term issuer credit rating on Capitec Bank Ltd. to BB- from BB and affirmed the zaAA national rating. The outlook is stable.

The agency trimmed the long-term issuer credit rating on FirstRand Bank Ltd. to BB- from BB and affirmed zaAA long-term rating. The outlook is stable.

S&P lowered the long-term issuer credit rating on FirstRand Ltd. (nonoperating holding company) to B from B+ and affirmed the zaA-2 rating. The outlook is stable.

S&P downgraded the long-term issuer credit rating on Investec Bank Ltd. to BB- from BB and affirmed the zaAA long-term national rating. The outlook is stable.

Also, the agency lowered the long-term issuer credit rating on Nedbank Ltd. to BB- from BB and affirmed the zaAA long-term rating. The outlook is stable.

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