On Nov. 29, 2005, Standard&Poor's Ratings Services raised its public information ('pi') rating on South Africa-based Absa Bank Ltd. (Absa Bank) to 'Api' from 'BBBpi'. The upgrade reflects Absa Bank's--via Absa Group Ltd. (Absa)--strategic importance to its new majority shareholder, U.K.-based Barclays Bank PLC (Barclays; AA/Stable/A-1+), under Standard&Poor's group rating methodology. The rating also reflects Absa Bank's strong retail position in the South African market, strengthened financial profile, and dominant position within Absa--one of the largest financial service providers in South Africa. The rating continues to be constrained by the socioeconomic and competitive challenges of operating in South Africa. Wholly owned by Absa, Absa Bank accounted for more than 80% of Absa group revenues. A diversified
