Loading...
See More

Fitch downgrades SA's big banks

Jan 16 2013 12:46 Fin24


Company Data

FIRSTRAND LIMITED [JSE:FSR]

Last traded 56
Change 0
% Change -1
Cumulative volume 2263429
Market cap 0

Last Updated: 01-04-2015 at 11:56. Prices are delayed by 15 minutes. Source: McGregor BFA

INVESTEC LIMITED [JSE:INL]

Last traded 101
Change 0
% Change 0
Cumulative volume 171455
Market cap 0

Last Updated: 01-04-2015 at 11:55. Prices are delayed by 15 minutes. Source: McGregor BFA

NEDBANK GROUP LIMITED [JSE:NED]

Last traded 237
Change 0
% Change 0
Cumulative volume 193521
Market cap 0

Last Updated: 01-04-2015 at 11:56. Prices are delayed by 15 minutes. Source: McGregor BFA

Related Articles

Fitch affirms IDC ratings

Fitch cuts SA's ratings

Ratings: Govt addressing concerns

Fitch downgrades Eskom‚ Transnet

Moody's downgrades five SA banks

Moody’s downgrades SA banks

 
Johannesburg - Fitch Ratings has downgraded the Viability Ratings of South Africa’s major banks by one notch following the recent downgrade of the country's sovereign rating.

The banks affected are Absa Bank Limited‚ FirstRand Bank Limited‚ Investec Bank Limited‚ Nedbank Limited and The Standard Bank of South Africa Limited (SBSA) and their respective rated holding companies.

The Long-term IDRs of FirstRand‚ Nedbank and SBSA have been downgraded to 'BBB' from 'BBB+' and Investec's IDR has been downgraded to 'BBB-' from 'BBB'.

Fitch said the downgrade of the sovereign had also resulted in a re-calibration of the South African National Rating Scale‚ which has affected several other institutions in the country.

In December, Moody's credit rating agency also lowered its outlook for banks to "negative" from "stable" citing their overexposure to government debt, the deteriorating economic outlook and liquidity challenges.

It warned banks that weak economic growth in tandem with their exposure to government securities posed a risk of serious trouble.

Moody's forecast modest economic growth of 3% for 2013, describing the operating environment for South Africa's banks as "challenging".


Follow Fin24 on Twitter, Facebook, Google+ and Pinterest.

banks  |  fitch ratings

NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
10 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

SMALL BUSINESS

Johannesburg has been selected to host the Global Entrepreneurship Congress in 2017. "[The congress] will ensure that small business development remains firmly on the national agenda and the radar screen of all stakeholders, the Small Business Development minister said.
 
 

This is the most expensive burger in the world!

You won't believe how much someone was prepared to pay for this burger!

 
 

Luxury living

Exclusive food items that WILL break the bank
Top 10 most expensive homes in the world
You can permanently live on a ship and sail the world!
These are the richest people on the planet!

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

How will you manage Vodacom’s price hike for contracts?

Previous results · Suggest a vote

Loading...