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Moody's places Bidvest Bank's long-term ratings on review for downgrade

Moody's on Nov. 30 placed Bidvest Bank Ltd.'s Ba1 long-term local-currency global scale issuer rating and Aa2.za long-term national scale rating on review for downgrade.

The ratings actions is primarily driven by the potential weakening creditworthiness of Bidvest Bank parent Bidvest Group Ltd., whose Baa3 long-term issuer rating was also recently placed on review for downgrade in the wake of a similar ratings action on the South African sovereign. That could weaken the group's capacity to support its wholly owned banking subsidiary in case of need, according to the agency.

Moody's also affirmed Bidvest Bank's short-term issuer rating at NP and short-term national scale rating at P-1.za.