No bank downgrades

Ratings agency Standard & Poor’s said yesterday it had no plans to downgrade South African banks, easing concerns that a cut by Moody’s on the country’s four biggest lenders this week could have a knock-on ratings effect.

On Tuesday, Moody’s downgraded deposit ratings for Standard Bank, FirstRand, Nedbank and Absa Bank – Barclays Africa Group’s local operation.

The move sent banking shares lower.


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