Johannesburg - African Bank Investments [JSE:ABL] (Abil) does not expect dramatically higher funding costs after Moody's cut its foreign debt rating to "junk" status, the CEO said on Friday.
"The overall cost of funding for the bank will not change significantly, just because new funding over the next few months will be slightly more expensive," Leon Kirkinis said in a statement.
African Bank said earlier on Friday that the ratings agency had cut its global credit rating to below investment grade, or "junk" status.
"The overall cost of funding for the bank will not change significantly, just because new funding over the next few months will be slightly more expensive," Leon Kirkinis said in a statement.
African Bank said earlier on Friday that the ratings agency had cut its global credit rating to below investment grade, or "junk" status.