Ratings Company Upgrades SA Banks
Written by Mfundo on 24 December, 2020
Fitch Ratings has upgraded five South African banks’ long-term ratings to AA+ with a stable outlook.
The five banks are Absa, Investec, Nedbank, Standard Bank and FNB.
The rating company says this reflects an improvement in their creditworthiness and indicates that the banks can withstand current pressures.
It adds that their profiles, management, strategy and risk appetite remain strong.
Kruger International Economist, Hein Kruger, says debt ratings have also been upgraded by one notch.
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