From Capitec Bank On 15 August 2014, Moody’s Investor Service (Moody’s) downgraded Capitec Bank’s international deposit ratings to Ba2/NP from Baa3/P-3 and its national scale ratings to Baa1.za/P-2.za from A2.za/P-1.za. All ratings with the exception of the short term No Prime ratings were also placed on further review. The reasons for the downgrade, according to … Read more
By Tiisetso Motsoeneng JOHANNESBURG (Reuters) – South Africa’s central bank has disputed credit rating agency Moody’s downgrade of Capitec Bank, saying it disagreed with the rationale behind the two-notch rating cut for the local lender. Moody’s cut the financial strength rating of the lender to D from D+ on Friday and deposit ratings to Ba2/NP from Baa3/P-, … Read more
Moody’s has downgraded African Bank Limited’s local national scale issuer ratings to Caa2.za/Not Prime.za from A3.za/P- 2.za and its global senior debt and deposit ratings to Caa2/Not Prime, from Ba1/Not Prime. In addition, the long term global and national scale ratings have been placed on review for a further downgrade. Moody’s stated that the downgrade … Read more
SA moved closer to a junk credit rating after Fitch changed the outlook on its assessment to negative and warned continued political instability could result in a downgrade.
South Africa’s Rand and bonds retreated early on Wednesday as sentiment was rocked by Moody’s decision to place the country’s credit rating on review for a downgrade.
By Joe Brock JOHANNESBURG (Reuters) – Ratings agency Standard & Poor’s said on Thursday it had no plans to downgrade South African banks, easing concerns a cut by Moody’s on the country’s four biggest lenders this week could have a knock-on ratings impact. Moody’s on Tuesday downgraded deposit ratings for Standard Bank, FirstRand, Nedbank and Absa … Read more
Capitec Bank says it has become an unwitting victim of the Abil collapse as global ratings agency Moody’s this evening announced a two notch downgrade of Capitec’s credit rating. The bank’s financial director Andre du Plessis described the Moody’s decision as a “total knee jerk reaction – we had a 30 minute telephone conversation with … Read more
Moody’s heaped more pain on an economy already in recession and now staring down the barrel of a steep contraction over the global coronavirus pandemic.
Moody’s Investors Service cut South Africa’s credit rating below investment grade, delivering the country a full house of junk assessments as it grapples with a nationwide lockdown to curb the spread of the novel coronavirus.
If South Africa’s credit rating is downgraded by Moody’s, there are steps South Africans can take to ensure it will not affect their savings.