August 15, 2014 / 5:16 PM / in 3 years

Moody's cuts S.African Capitec Bank financial strength rating to D

JOHANNESBURG, Aug 15 (Reuters) - Ratings agency Moody’s cut the financial strength rating of South Africa’s Capitec Bank by one notch to D on Friday, citing concerns about its exposure to risky consumer lending.

Moody’s said in a statement it had cut Capitec’s financial strength rating to D from D+, adding that all of the bank’s ratings would be put on review for further downgrades.

Concerns about consumer lending in Africa’s most developed economy have increased since the central bank launched a $1.6 billion rescue of African Bank Investments last week. (Reporting By Mfuneko Toyana; editing by Jane Baird)

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