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Moody's revises outlook on 11 South African lenders following sovereign action

Moody's on March 27 took various rating actions on 11 South African lenders, including revising the outlooks on all of them to stable from rating under review, following a similar action on the sovereign.

The agency confirmed the Baa3/P-3 long- and short-term bank deposit ratings of Barclays Africa Group Ltd. unit Absa Bank Ltd., FirstRand Bank Ltd., Investec Group unit Investec Bank Ltd., Old Mutual PLC unit Nedbank Ltd., and Standard Bank of South Africa Ltd. The five lenders' "baa3" baseline and adjusted baseline credit assessments, Baa2(cr)/P-2(cr) long- and short-term counterparty risk assessments, were confirmed, while their P-1.za short-term national-scale ratings were affirmed.

The Ba1 long-term issuer ratings of Barclays Africa and Standard Bank Group Ltd. were confirmed.

Also confirmed were the long-term national-scale bank deposit ratings of Absa Bank, Investec Bank, Nedbank and Standard Bank of South Africa at Aa1.za, and that of FirstRand Bank at Aaa.za.

Barclays Africa's long-term national-scale issuer rating was confirmed at Aa3.za, while its NP short-term issuer ratings and P-1.za short-term national-scale issuer rating were affirmed. Mercantile Bank Ltd.'s Baa1.za/P-2.za long- and short-term national-scale issuer ratings were confirmed, while its Ba3/NP long- and short-term issuer ratings were affirmed.

At the same time, Moody's confirmed Development Bank of Southern Africa's Baa3/Prime-3 long- and short-term foreign-currency issuer ratings, and Industrial Development Corp. of South Africa Ltd.'s Baa3 long-term foreign-currency issuer rating. Also confirmed were Land & Agricultural Development Bank of South Africa's Baa3/Prime-3 long- and short-term local-and foreign-currency issuer ratings, as well as the three lenders' Aa1.za long-term national-scale issuer ratings.

Meanwhile, Development Bank of Southern Africa's and Land and Agricultural Development Bank of South Africa's P-1.za short-term national-scale issuer ratings were affirmed.