Moody's cuts South African banks

Moody's Investors Service said it downgraded the senior debt and deposit ratings of five South African banks by one notch: Standard Bank of South Africa, Absa Bank Ltd., FirstRand Bank Ltd., Nedbank Ltd. and Investec Bank Ltd.

Moody's said the downgrades reflect the impact of the country's increasingly constrained public finances and the agency's view that authorities would face challenging policy choices if multiple institutions were to need its financial support at the same time.

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