Fitch drops South African banks to negative

Fitch Ratings said it affirmed the long-term issuer default ratings of Absa Bank Ltd., FirstRand Bank Ltd., Investec Bank Ltd., Nedbank Ltd. and Standard Bank of South Africa at BBB-.

The agency revised the outlook on all long-term issuer default ratings to negative from stable.

The outlook change follows the revision on the outlook of the South African sovereign rating to negative on Nov. 25.

Fitch also affirmed the long-term issuer default ratings of the bank holding companies, Barclays Africa Group Ltd., Standard Bank Group Ltd., Nedbank Group Ltd. and Investec Ltd. at BBB- and revised their outlooks to negative from stable.

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