Stable business position, second-largest bank operating in South Africa. Market-leading capitalization, under Standard&Poor's risk-adjusted capital (RAC) methodology. High systemic importance. Structurally short-term and concentrated funding profile typical to all the major banks in South Africa. Business diversification limited to the Republic of South Africa. Economic risk for South African banks is above average, and economic growth is expected to be restrained in the near future. Standard&Poor's Ratings Services bases its unsolicited public information (pi) rating on South Africa-based Absa Bank Ltd. (Absa) on an anchor of 'bbb' and its view that that the bank's business position, capital and earnings, risk position, funding, and liquidity are all "neutral" for the rating. Due to the bank's "high systemic
