The performance of the Barclays Africa Group Ltd., the non-operating holding company (NOHC) of the group including Absa Bank, has been resilient despite weak economic conditions in South Africa and volatile economic conditions in the rest of Africa. The group's strong business profile continues to support revenues and earnings stability, which underpins its capitalization. We are affirming our 'zaAA-/zaA-1+' South Africa national scale ratings on Absa Bank. We expect the group to continue to record stable asset quality and profitability metrics over the next 12 months. On June 22, 2018, S&P Global Ratings affirmed its 'zaAA-/zaA-1+' long- and short-term national scale ratings on Absa Bank Ltd. The affirmation balances Barclays Africa Group Ltd.'s (BAGL's) strong market position in South Africa,
