Five SA banks upgraded

Five South Africa-based financial services company’s national long-term ratings have been lifted to AA+(zaf) from AA(zaf) by Fitch Ratings.

The rating agency has upgraded Absa Bank, FirstRand Bank, Investec Bank, Nedbank and Standard Bank of South Africa.

Fitch has upgraded the five SA banks based on improved creditworthiness, at national level.

This comes after Fitch downgraded the five companies’ long-term issuer default ratings (IDRs) to BB- from BB following the downgrade of their country, in 2020.

The rating agency had downgraded South Africa’s long-term foreign-currency IDR to BB- from BB, with a negative outlook due to high and rising government debt.