zaAA/zaA-1+ Top-tier position in South Africa and four other African markets. Diversified business segments support revenue stability. Moderate levels of capitalization and earnings, according to our risk-adjusted capital (RAC) ratio. Modest coverage of nonperforming loans (NPLs) for the economic risk level. Reliance on short-term wholesale funding, similar to all rated banks in South Africa. We do not assign outlooks to national scale ratings. However, our national scale ratings on Absa Bank Ltd. would likely move in line with any rating action on South Africa. We believe the stability of the domestic banking system, underpinned by high barriers to entry, will continue to support Absa Bank Ltd.'s (Absa's) business and earnings stability. The group's earnings growth will likely be spurred by
