ABKI - Credit Rating of African Bank Affirmed by Standard & Poors Rating Services - Outlook Negative
ABKI - Credit Rating of African Bank Affirmed by Standard & Poor’s Rating Services - Outlook Negative
AFRICAN BANK LIMITED
(Incorporated in the Republic of South Africa)
(Registered Bank)
(Registration No. 2014/176899/06)
Company code: ABKI
(“the Bank” or “African Bank”)
CREDIT RATING OF AFRICAN BANK AFFIRMED BY STANDARD & POOR’S RATING SERVICES
- OUTLOOK NEGATIVE
Standard & Poor’s Global Ratings (“S&P”) have affirmed the ‘B+/B’ global scale rating and the
‘ZaA-/zaA-2’ national scale rating for African Bank. The outlook has changed to negative from
stable.
The reason for the change in outlook is a direct result of S&P changing its outlook on South Africa
to negative on weakening fiscal and debt trajectory and sizable contingent liabilities as published
by S&P on 22 November 2019. S&P have therefore revised their outlook to negative from stable on
all South African banks rated by themselves, including African Bank.
The global scale rating also applies to the Bank’s Euro Medium Term Note (“EMTN”) programme
and all notes issued under the USD6 billion EMTN programme, which are listed either on the London
Stock Exchange (“LSE”) or the Swiss Securities Exchange (“SIX”). The ZAR25 billion Domestic
Medium Term Note programme (“DMTN”) and all notes issued under that programme are not rated.
28 November 2019
Debt Sponsor
RAND MERCHANT BANK
(A division of FirstRand Bank Limited)
Think Precinct, 1 Merchant Place
Cnr Fredman Drive & Rivonia Road
Sandton 2196, South Africa
P O Box 786273, Sandton, 2146, South Africa
Date: 28-11-2019 12:00:00
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