LONDON: Moody’s Investors Service downgraded the long-term issuer rating of the holding company, Standard Bank Group Limited (SBG) from Ba2 to Ba3.

The rating agency also downgraded The Standard Bank of South Africa Limited’s (“SBSA”) long-term local and foreign currency deposit ratings from Ba1 To Ba2 and affirmed the NSR long-term bank deposit rating. The outlook remains negative.

Moody’s rating downgrade of SBG and SBSA follows their decision to downgrade the ratings of the Government of South Africa on 20 November 2020, to Ba2 from Ba1 and maintain the negative outlook.

The downgrade by Moody’s, in itself, is not expected to have a material impact on SBG’s and SBSA’s risk weighted assets (RWA) and capital adequacy. The group remains well capitalised and liquid. 

https://www.moodys.com/viewresearchdoc.aspx?docid=PBC_ARFTL436573