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Moody's withdraws ratings of former African Bank

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Moody's withdraws ratings of former African Bank

Moody's on April 4 withdrew all the ratings assigned toResidual Debt Services Ltd., formerly known as , following thecompletion of the bank's restructuringthe same day.

The rating agency withdrew the bank's Caa2,negative/Not-Prime local- and foreign-currency deposit ratings, itsCaa2.za/NP.za national scale credit ratings, its "ca" baseline andadjusted baseline credit assessments and its Caa2, negative, senior unsecureddebt rating.

African Bank has been under curatorship since Aug. 10, 2014,following heavy losses that had eroded the bank's equity. As part of therestructuring, Residual Debt Services' banking license has been withdrawn,while its performing assets have been transferred to a new good bank namedAfrican Bank Ltd.

Residual Debt Services has redeemed and subsequently canceledall notes.

African BankInvestments Ltd. was the ultimate parent of the former African Bank.