Standard Bank of South Africa - Long-Term FCR Lowered Following Change in Assessment of Sovereign Risk; FSR Negative Outlook Affirmed

Overview

Capital Intelligence Ratings (CI Ratings or CI) has lowered the Long-Term Foreign Currency Rating (FCR) of The Standard Bank of South Africa (SBSA) to 'BBB-' from 'BBB'. The change in the Bank's rating follows a revision in CI Ratings' internal assessment of sovereign risk to reflect the deterioration in the operating environment. Slower GDP growth, political uncertainty, higher unemployment, together with reduced investor and consumer confidence all combine to make trading conditions more difficult.

Attachments

• Credit Rating Announcement (CRA)
  PDF Download Available