Stable business position, as the second-largest bank operating in South Africa. Comparatively stronger capitalization than domestic peers, supported by resilient earnings. Support from Barclays Bank PLC. High systemic importance. Loan loss experience that compares poorly with rated South African peers. Structurally short-term and concentrated funding profile, typical to all the major banks in South Africa. Business diversification limited to South Africa. Standard&Poor's Ratings Services bases its unsolicited public information (pi) rating on South Africa-based Absa Bank Ltd. on an anchor of 'bbb'. We also factor in our view the bank's business position, capital and earnings, funding, and liquidity are all neutral factors. However, in comparison, the bank's risk position is relatively negative for the rating. Conversely, we consider
