12 °c
London
Tuesday, February 7, 2023
No Result
View All Result
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
FurtherAfrica
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About
No Result
View All Result
FurtherAfrica
No Result
View All Result
Home Africa

Reuters: South African banks and insurers downgraded by Moody’s

FurtherAfrica by FurtherAfrica
June 14, 2017
in Africa, Banking, Credit Rating, Currency, Economy, Finance, South Africa
Reading Time: 1 min read
860 18
0
Nedbank CEO Sees State-Owned Firms as Biggest South African Risk
Share via QRWhatsappShare on FacebookShare on TwitterLinkedInPinteresteMail

Ratings agency Moody’s has downgraded five of South Africa’s largest banks and four insurers with a negative outlook after the country’s credit rating was downgraded last week.

The long-term local and foreign currency deposit ratings of Standard Bank, FirstRand, Absa Bank, Nedbank and Investec Bank were downgraded to Baa3 on Monday, one notch above non-investment grade.

The ratings agency also downgraded Standard Bank’s long-term local and foreign currency issuer ratings to Ba1 from Baa3.

Moody’s said the primary reason for the downgrade was weakening credit and macro profile of the South African government exerting pressure on banks in what it said was a challenging operating environment characterised by a pronounced economic slowdown.

The agency downgraded other South African banks to one notch above sub-investment grade, including the Development Bank of Southern Africa, the Industrial Development Corporation of South Africa and the Land and Agricultural Development Bank of South Africa.

Moody’s also downgraded the debt ratings of South African insurance groups on Monday. Old Mutual Life Assurance Company and MMI Group were lowered to Baa2 from Baa1 while Guardrisk and Standard Insurance dropped to Baa3 from Baa2. All were given a negative outlook.

South Africa’s credit rating was downgraded by Moody’s on Friday, citing a recent cabinet reshuffle and reduced growth prospects for an economy mired in recession.

Source: Reuters

Related

Tags: Absa BankDowngradeFirstRandGuardriskIndustrial Development Corporation of South Africa and the Land and Agricultural Development Bank of South AfricaInvestec BankMMI GroupMoodysNedbankOld Mutual Life Assurance CompanySouth AfricaSouth African randStandard BankStandard Insurance南アフリカ南非
ScanSendShare351Tweet220Share61Pin79Send
FurtherAfrica

FurtherAfrica

Founded in 2015 FurtherAfrica is an online platform centralising news and content focusing on the development and growth story of the African continent.

Related Posts

Women

Supporting women leaders and aspirants to unleash their potential

by Elizabeth Khumalo
February 7, 2023
Agriculture

Strengthening antimicrobial resistance surveillance through One Health approach in Zimbabwe

by Rafael Carvalho
February 7, 2023
Climate

Experts converge to find solutions for climate change challenges

by FurtherAfrica
February 7, 2023
Logistics

Ethiopia inaugurates US$68M Dire Dawa Dry Port and Terminal

by FurtherAfrica
February 7, 2023
Finance

2nd African Infrastructure Financing Summit brings US$160B worth of projects

by Fabio Scala
February 7, 2023
Platform Africa 2023
 
Mozambique eVisa
 
MozParks
 

Translate this page

Read the Latest

Women

Supporting women leaders and aspirants to unleash their potential

by Elizabeth Khumalo
February 7, 2023
0

UN Women Ethiopia in collaboration with Amhara BoWCSA linked 218 women leaders including aspirants to support each other in two...

Read more

Strengthening antimicrobial resistance surveillance through One Health approach in Zimbabwe

February 7, 2023

Experts converge to find solutions for climate change challenges

February 7, 2023

Ethiopia inaugurates US$68M Dire Dawa Dry Port and Terminal

February 7, 2023

2nd African Infrastructure Financing Summit brings US$160B worth of projects

February 7, 2023

FurtherAfrica Partners Network

The Exchange Club of Mozambique Taarifa Rwanda
TechGist Africa Africa Oil & Power Farmers Review Africa
Tanzania Invest Zambia Invest See Africa Today
Africa Global Funds Novafrica CrudeMix Africa
Harambee Africa Botswana unplugged Financial Insights Zambia
O Económico Digilogic Africa Web3Africa

Subscribe to FurtherAfrica

Enter your email address to receive new articles on your email.

Join 100,736 other subscribers.
FurtherAfrica

© 2021 FurtherMarkets

FurtherAfrica is a FurtherMarkets Limited platform

  • Countries
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

Follow Us

No Result
View All Result
  • Countries
    • Angola
    • Botswana
    • Cape Verde
    • DRC
    • Eswatini
    • Ethiopia
    • Kenya
    • Malawi
    • Mauritius
    • Mozambique
    • Namibia
    • Nigeria
    • Rwanda
    • South Africa
    • Tanzania
    • Uganda
    • Zambia
    • Zimbabwe
  • Interviews
  • Understanding
  • Videos
  • Travel
  • Weekend
  • About

© 2021 FurtherMarkets

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?