trending Market Intelligence /marketintelligence/en/news-insights/trending/6PX9bN4es9RPezPmUg2K8Q2 content esgSubNav
In This List

Moody's withdraws ratings of former African Bank

Blog

Banking Essentials Newsletter: January 11th Edition

Blog

Banking Essentials Newsletter December 21st Edition

Blog

The Road to Basel IV: Navigating the challenge facing European banks

Blog

Basel Framework- Utilizing data to analyze the capital position of European banks.


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 As part of therestructuring, Residual Debt Services' banking license has been withdrawn,while its performing assets have been transferred to a new good bank namedAfrican Bank Ltd.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.