Absa Bank Ltd: Business description, financial summary, 3yr and interim financials, key statistics/ratios and historical ratio analysis.
Provider: Reuters Investment Profile
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Moody's Investors Service Downgrades Ratings Of ABSA Bank Ltd
ABSA Bank Ltd announced that Moody's has on June 22, 2012 downgraded, to A3 from A2, the long-term local-currency deposit and foreign-currency senior unsecured debt ratings of Absa Bank. The downgrade was triggered by the recent downgrade of the standalone credit assessment of Barclays Bank Plc (Barclays) (which owns 55.5% of Absa Group Limited, the holding company of Absa Bank). Moody's has removed the one notch of rating uplift from parental support previously incorporated in Absa Bank's deposit and senior debt ratings. Barclays long-term deposit and debt rating was recently downgraded to A2 (negative outlook), from Aa3, and its standalone bank financial strength (BFSR) measure was lowered to C-/baa2(stable outlook on the C-), from C/a3. The local-currency deposit ratings have been downgraded to A3/P-2(stable outlook) from A2/P-1 and the long-term national-scale deposit rating has been confirmed at Aa2.za.
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