JSE LIMITED - Rating downgrade of Absa Bank by Moodys Investors Service
JSER 201210050055A
Rating downgrade of Absa Bank by Moody’s Investors Service
Absa Bank Limited - Rating downgrade of Absa Bank by Moody’s Investors Service
Absa Bank Limited
(Incorporated with limited liability in South Africa under registration number
1986/004794/06)
("Absa Bank")
Bond Issuer Code: ABMN
Share Code: ASA
Preference Share Code: ABSP
Rating downgrade of Absa Bank by Moody’s Investors Service ("Moody’s")
Notice is hereby given that Moody’s has on 4 October 2012 downgraded South Africa’s five biggest
banks; Standard Bank‚ Absa Bank‚ FirstRand Bank‚ Nedbank and Investec Bank Ltd’s foreign deposit
ratings due to the revision of South Africa’s foreign currency deposit ceiling to Baa1 from A3
previously.
The downgrade was prompted by the weakening of the South African government's credit profile‚ as
captured by Moody's downgrade of SA's government bond rating to Baa1 (negative) from A3 on 27
September 2012; and the high sovereign exposure of the five largest South African banks.
Moody’s said that any indication of a weakening of the SA authorities' willingness to support any of
the above-mentioned banks or any significant deterioration in their capacity to extend financial
support‚ could negatively affect the banks' deposit and debt ratings, and that there is little likelihood of
any upwards rating momentum over the next 12 months.
Absa Banks’ credit ratings are available for download from www.absa.co.za.
Johannesburg
5 October 2012
Debt sponsor
Absa Capital
(the investment banking division of Absa Bank Limited, affiliated with Barclays)
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