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S&P cuts Development Bank of Southern Africa's senior unsecured debt rating

S&P Global Ratings on Jan. 18 corrected Development Bank of Southern Africa's senior unsecured local-currency debt rating by lowering it to BBB from BBB+.

S&P said the BBB rating is now in line with the bank's issuer rating. The agency did not downgrade the rating as part of its Dec. 5, 2016, action on the bank due to an error.

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.