LONDON (Standard&Poor's) Nov. 29, 2005--Standard&Poor's Ratings Services said today that it 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," said Standard&Poor's credit analyst Alise Ross. The rating continues to be constrained by the socioeconomic and competitive challenges of operating in South Africa. "Capital levels have
