The public information ('pi'; unsolicited) rating on Absa Bank Ltd. (Absa) reflects Standard&Poor's Ratings Services' view of the bank's strategic importance to its majority shareholder, U.K.-based Barclays Bank PLC (Barclays; AA-/Negative/A-1+), its strong market position in South African retail banking, and resilient earnings. The ratings are constrained by the higher-than-average social and operational risks in South Africa (foreign currency rating BBB+/Negative/A-2), weakened asset quality and aggressive provisioning, and above-average structural liquidity risks. The long-term rating benefits from uplift over its stand-alone credit profile due to parental support. Standard&Poor's considers Absa to be a strategically important subsidiary of Barclays. As of June 30, 2010, Barclays Group Ltd. owned 55.5% of ABSA group (not rated) shares. The ABSA
