Following a review of South Africa-based Absa Bank Ltd. (Absa) under Standard&Poor's revised bank criteria (published on Nov. 9, 2011), we have lowered the unsolicited public information (pi) rating on the bank to 'BBBpi' from 'Api'. Our rating on Absa reflects the bank's 'bbb' anchor, as well as our view that its business position, capital and earnings, risk position, funding, and liquidity are all neutral for the rating. Although we classify Absa as a highly strategic subsidiary to parent Barclays Bank PLC (A+/Stable/A-1), we cap Absa's rating in the same category as the foreign currency rating on the Republic of South Africa because of uncertainties regarding the parent's capacity and willingness to offer support in a sovereign default
