PARIS (Standard&Poor's) Nov. 12, 2008--Standard&Poor's Ratings Services said today that it affirmed its 'Api' public information ('pi'; unsolicited) rating on South Africa-based Absa Bank Ltd. (ABSA). "The affirmation reflects the bank's continued strategic importance to its majority shareholder U.K-based Barclays Bank PLC (Barclays; AA/Watch Neg/A-1+), strong retail position in the South African market, solid financial profile, and dominant position within Absa Group Ltd. (not rated), one of the largest financial service providers in South Africa," said Standard&Poor's credit analyst Matthew Pirnie. Nevertheless, Standard&Poor's views the pressure on ratings to be mounting, and a continued negative trend in sovereign creditworthiness could pressurize the ratings downwards. Rating pressures are coming from the increasing short-term
