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Moody’s downgrades Standard Bank, FirstRand, Absa…

Moody’s downgrade Standard Bank, FirstRand, Absa, Nedbank and Investec

Global ratings agency Moody’s has downgraded the credit ratings of South Africa’s top five banks and three development finance institutions.

Moody’s said the downgrade is due to the weakening of the South African government’s credit profile” following the country’s investment grade downgrade.

The five banks downgraded are Standard Bank, FirstRand, Absa, Nedbank and Investec

 

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