FirstRand Bank increases tight-priced loan despite South Africa downgrade
South Africa’s FirstRand Bank signed a syndicated loan with 21 banks on Thursday for $700m, $200m higher than its launch amount, despite South Africa’s recent rating downgrade, which also led to a downgrade for FirstRand.
On November 24, Standard & Poor’s cut South Africa’s rating from BB+ to BB with a stable outlook. It said the downgrade reflected its opinion of a further deterioration of South Africa’s outlook and public finances.FirstRand is now rated Baa3/BB/BB+, after a cut by S&P on November 29, ...
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