The public information ('pi') rating on ABSA Bank Ltd. (ABSA Bank) is based on the bank's strong retail position in the South African market, its improving financial profile, and solid funding. The rating also reflects the important role the bank plays within ABSA Group Ltd. (ABSA; not rated). The rating continues to be constrained by the economic and social challenges of operating in South Africa and the increasing competitive environment. ABSA Bank is wholly owned by ABSA, one of the largest financial services groups in South Africa and accounts for more than 80% of group assets. At Sept. 30, 2003, ABSA's asset base increased to South African rand (R) 283.2 billion ($39.6 billion, at R7.154 to $1). The other smaller
