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S.Africa cenbank disputes Moody's banks' downgrade, says sector "healthy"
August 19, 2014 / 4:42 PM / in 3 years

S.Africa cenbank disputes Moody's banks' downgrade, says sector "healthy"

JOHANNESBURG, Aug 19 (Reuters) - South Africa’s central bank said on Tuesday it did not agree with the reasons given by Moody’s ratings agency to downgrade the country’s four biggest banks.

“The South African banking sector remains healthy and robust,” the South African Reserve Bank said in a statement disputing Moody’s action.

Moody’s downgraded Standard Bank, FirstRand , Absa and Nedbank and put them on review for further cuts, saying there was a lower likelihood of support from the central bank to protect creditors after African Bank’s debt crisis. (Reporting by Helen Nyambura-Mwaura; Editing by Pascal Fletcher)

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