zaAA+/zaA-1+ Top tier position in South Africa and four other African markets. Diversified business segments support revenue stability. Moderate levels of capitalization and earnings, according to our risk-adjusted capital (RAC) ratio. Modest coverage levels of nonperforming loans (NPLs). Reliance on short-term wholesale funding, similar to all rated banks in South Africa. We do not assign outlooks to our South Africa national scale ratings. However, our ratings on Absa Bank would likely move in line with any rating action on South Africa. The ratings on Absa Bank Ltd. (Absa) reflect our 'bbb-' anchor for a bank largely operating in South Africa. Our view of the business position of Absa group (ABG; formerly Barclays Africa Group Ltd.) supports its creditworthiness, while our
