Standard back loses rating

Standard Bank of South Africa’s (SBSA) international scale long term issuer rating has been dropped to BB from BB+ by GCR Ratings.

The downgrade of the South Africa-based financial services company’s rating reflects risks linked to the coronavirus disease 2019 (COVID-19) crisis on its operating environment.

Meanwhile, GCR has affirmed SBSA’s national scale long term and short-term issuer ratings at AA+(ZA)/A1+(ZA) respectively on its South Africa-based parent company, Standard Bank Group’s strong credit profile.

This comes just after the firm’s rating was downgraded, by Moody’s Investors Service (Moody’s) following the downgrade of the country, earlier in 2020.

See issuer profile here