Bidvest: Moody’s affirms banking unit’s rating

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Bidvest Bank’s national scale issuer rating of A3 has been affirmed with a stable outlook by Moody’s Investors Service. This credit rating still kept Bidvest below the country’s big commercial banks, whose national scale issuer ratings are at Aa, which is judged to be of high quality and subject to low credit risk. An A rating is judged to be upper-medium grade but also subject to low credit risk. Moody’s said the rating took account of the bank’s strong financial fundamentals, strong capitalisation and high profitability. Bidvest Bank is a wholly owned subsidiary of JSE-listed Bidvest, and its latest financial statements reflected no significant write-downs or impairments. Bidvest rose 1.49 percent to close at R243.01 yesterday. – Londiwe Buthelezi

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