What is the largest retail banking group in South Africa doing to help combat a recession there?”
SOUTH AFRICA: MOODY’S DOWNGRADES ABSA BANK’S GLC DEPOSIT RATING TO AA3. Moody’s Investors Service has today downgraded the long-term global local currency (GLC) deposit rating of Absa Bank Limited to Aa3 from Aa2. The outlook on the rating is negative. This downgrade is a direct result of a recent downgrade of the bank financial strength rating (BFSR) of Absa Bank’s ultimate parent, Barclays Bank plc, to C, with negative outlook, from B. According to Moody’s, Absa Bank’s GLC deposit rating is based on its BFSR of C, which translates into a Baseline Credit Assessment (BCA) of A3, and on Moody’s assessment of a very high probability of systemic …
