Barclays Africa Group Ltd.'s (BAGL's) performance has been resilient to weak economic conditions in South Africa and other parts of Africa where it is present. The group's strong business position continues to drive revenues and earnings growth, supporting its moderate capitalization according to our risk-adjusted capital model. We expect the group will continue to record asset-quality metrics in line with our assumptions for the South African banking sector. We are therefore affirming our 'zaBB+/zaB' long- and short-term national scale ratings on BAGL as well as our 'zaA/zaA-1' long- and short-term national scale ratings on BAGL's core subsidiary, Absa Bank Ltd. On June 27, 2017, S&P Global Ratings affirmed its 'zaBB+/zaB' long- and short-term South Africa national scale ratings on Barclays
