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Moody's repositions national scale ratings of South African banks

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Moody's repositions national scale ratings of South African banks

Moody's on May 10 repositioned the national scale ratings ofSouth Africa's various financial institutions as the country's national ratingscale was recalibrated.

As a result of the recalibration, 90% of the country's fundamentalissuers saw an average increase of 2.7 notches in their primary long-termnational scale ratings.

The agency repositioned to Aa1.za from A1.za the nationalscale long-term bank deposits local-currency ratings of 's , 's , 's and 's ,with their national scale short-term bank deposits local-currency ratingsconfirmed at P-1.za.

The agency repositioned FirstRand Ltd. unit FirstRand Bank Ltd.'s national scale long-term bankdeposits local-currency ratings to Aaa.za from A1.za, while its national scaleshort-term bank deposits local-currency rating was confirmed at P-1.za.

The agency also published Bidvest Bank Ltd.'s and 's long- andshort-term global scale local-currency issuer ratings of Ba1/NP and Ba3/NP,respectively, with a stable outlook on the long-term ratings. In addition, theagency repositioned Bidvest Bank's national scale long- and short-termlocal-currency issuer ratings to A1.za/P-1.za from A3.za/P-2.za, whileMercantile Bank's national scale ratings were not impacted.