The public information ('pi') rating on ABSA Bank Ltd.'s long-term local currency denominated obligations is based on the bank's strong position in the South African market, its satisfactory levels of profitability and liquidity, adequate capitalization, and stable asset quality. Although the South African banking sector is well developed and benefits from good regulatory and legal frameworks, it continues to be constrained by economic and social challenges. With an approximate 22% market share of advances and customer deposits, ABSA is one of the largest of the four banking groups dominating the South African banking sector. In the mortgage segment, ABSA's market share boasts a dominant 32%. Going forward, the acquisition of the specialist micro-lender Unifer exposes ABSA to the volatile emerging
