Outlooks On South African Bank Global Scale Ratings Revised To Positive On Similar Sovereign Action; 'BB-/B' Affirmed

On May 20, 2022, we revised our outlook on South Africa (BB-/B) to positive from stable on resilient external sector performance. We do not rate financial institutions in South Africa above the foreign currency sovereign ratings, given the direct and indirect impact that sovereign distress would have on domestic banks' operations. As a result, we revised our outlooks to positive on five financial institutions and affirmed our global (where they exist) and national scale ratings on seven financial institutions. JOHANNESBURG (S&P Global Ratings) May 25, 2022--S&P Global Ratings today revised its outlooks to positive on the global scale ratings on five South Africa-based financial institutions. It also affirmed its global scale and national scale ratings on these entities, including the

...May 25, 2022 - On May 20, 2022, we revised our outlook on South Africa (##-/B) to positive from stable on resilient external sector performance. - We do not rate financial institutions in South Africa above the foreign currency sovereign ratings, given the direct and indirect impact that sovereign distress would have on domestic banks' operations. - As a result, we revised our outlooks to positive on five financial institutions and affirmed our global (where they exist) and national scale ratings on seven financial institutions. JOHANNESBURG (S&P Global Ratings) May 25, 2022--S&P Global Ratings today revised its outlooks to positive on the global scale ratings on five South Africa-based financial institutions. It also affirmed its global scale and national scale ratings on these entities, including the issue ratings. Specifically, the rating actions are as follows: - Absa Bank Ltd.: We affirmed our 'zaAA/zaA-1+' South Africa national scale ratings. - BNP Paribas Personal Finance South Africa...

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