ABSA Group Limited Moody's downgrades credit rating for Absa Group (6298G)

TIDM41OJ

RNS Number : 6298G

ABSA Group Limited

26 November 2020

Absa Group Limited

(Previously known as Barclays Africa Group Limited)

ISIN: XS1799058174

26 November 2020

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

Notice is hereby given in terms of the Debt Listings Requirements of the JSE Limited that Moody's Investor Services ("Moody's") has on 24 November 2020 lowered the long-term local currency and foreign currency deposit ratings of Absa Bank Limited to Ba2 from Ba1, and the long-term issuer ratings of Absa Group Limited to Ba3 from Ba2.The outlook on both ratings remains negative.

These rating actions follow Moody's decision to downgrade the South African government's rating to Ba2 from Ba1, with a negative outlook, on 20 November 2020. Moody's does not rate financial institutions above the credit profile of the government.

For additional details on the rationale of the ratings action please see the press release by Moody's on 24 November 2020 titled "Moody's downgrades the deposit ratings of five South African banks following the downgrade of the South African sovereign."

Summary of credit rating change:

 
                               To    From 
 Absa Group Limited 
 Long-term issuer rating      Ba3     Ba2 
 
 Subordinated Tier II          B1     Ba3 
  (Foreign) 
 
 Absa Bank Limited 
 Long-term local currency     Ba2     Ba1 
 Long-term foreign currency   Ba2     Ba1 
 Long-term counterparty       Ba1    Baa3 
  risk rating 
 
   Short-term counterparty      NP     P-3 
   risk rating

For further information, please contact:

Absa Group Limited Investor Relations

Email: ir@absa.co.za

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November 26, 2020 06:03 ET (11:03 GMT)

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