South African banks prove resilient in face of downgrade

African Bank correct size
By Bianca Boorer
31 Aug 2017

In spite of the recent downgrade of South Africa and five of its largest banks, Standard Bank and Investec have received overwhelming demand from international banks for their loan financings.

Moody’s downgraded Standard Bank, Nedbank, FirstRand Bank, Absa Bank and Investec from Baa2 to Baa3 with negative outlook on June 9, following the sovereign’s downgrade to Baa3.

The agency blamed reduced growth prospects and an ...

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