ABSA Group Limited Ratings change for Absa Group Limited (6149I)

TIDM41OJ

RNS Number : 6149I

ABSA Group Limited

02 April 2020

Absa Group Limited

(Previously known as Barclays Africa Group Limited)

ISIN: XS1799058174

2 April 2020

MOODY'S downgrades CREDIT RATING of Absa group limited FOLLOWING DOWNGRADE on the South African sovereign

Notice is hereby given that Moody's Investor Services ("Moody's") has on 31 March 2020 lowered the long-term local currency and foreign currency deposit ratings of Absa Bank Limited to Ba1 from Baa3, and the long-term issuer ratings of Absa Group Limited to Ba2 from Ba1.The outlook on both ratings remains negative.

These rating actions follow Moody's decision to downgrade the South African government's local and foreign currency issuer rating to Ba1 from Baa3, with a negative outlook, on 27 March 2020. Moody's does not rate financial institutions above the credit profile of the government.

The above ratings actions do not reflect any fundamental change in the credit quality of the Absa Group and Absa Bank Limited.

For additional details on the rationale of the ratings action please see the press release by Moody's on 31 March 2020 titled "Rating Action: Moody's downgrades the ratings of five South African banks following downgrade on the South African sovereign. The outlook is negative"

Summary of credit rating change:

 
                               To    From 
 Absa Group Limited 
 Long-term issuer rating      Ba2     Ba1 
 
 Subordinated Tier II         Ba3     Ba2 
  (Foreign) 
 
 Absa Bank Limited 
 Long-term local currency     Ba1    Baa3 
 Long-term foreign currency   Ba1    Baa3 
 
 Long-term counterparty       Baa3    Baa2 
  risk rating 
 
 Short-term counterparty      P-3     P-2 
  risk rating

For further information, please contact:

Absa Group Limited Investor Relations

Email: ir@absa.co.za

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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April 02, 2020 08:49 ET (12:49 GMT)

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